Playtech (LON:PTEC) Board Authorizes Share Buyback Program

Playtech (LON:PTEC) announced that its board has authorized a stock repurchase program on Friday, March 27th, RTT News reports. The company plans to repurchase 5,660,000 shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Playtech from GBX 433 to GBX 390 and set a “buy” rating on the stock in a research report on Friday, January 23rd.

Playtech Price Performance

Shares of PTEC opened at GBX 321 on Friday. The business’s 50-day moving average is GBX 328.01 and its 200-day moving average is GBX 308.96. The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09. The company has a market capitalization of £906.73 million, a price-to-earnings ratio of 0.55, a P/E/G ratio of 1.28 and a beta of 0.64. Playtech has a fifty-two week low of GBX 210 and a fifty-two week high of GBX 447.

About Playtech

Playtech plc, a technology company, provides gambling software, services, content, and platform technologies worldwide. The company offers technologies across various product verticals, including live casino, sports, bingo, virtual sports, and poker. It also owns the intellectual property rights and licenses the software; provides digital marketing and advertising, consulting and online technical support, data mining processing, turnkey, live game, and video stream services; and operates betting shops.