Playtika (NASDAQ:PLTK) Shares Down 3.5% Following Analyst Downgrade

Playtika Holding Corp. (NASDAQ:PLTK)’s share price was down 3.5% during trading on Thursday after Morgan Stanley lowered their price target on the stock from $7.25 to $5.75. Morgan Stanley currently has an equal weight rating on the stock. Playtika traded as low as $4.89 and last traded at $4.82. Approximately 82,646 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 1,086,187 shares. The stock had previously closed at $4.99.

A number of other equities research analysts have also commented on the company. Macquarie lowered their price target on Playtika from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Baird R W lowered shares of Playtika from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 28th. Citigroup cut their price target on shares of Playtika from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Friday, March 7th. Robert W. Baird reiterated a “neutral” rating and issued a $6.00 price objective (down previously from $9.00) on shares of Playtika in a research note on Friday, February 28th. Finally, Bank of America upgraded Playtika from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $6.00 to $6.50 in a research note on Wednesday, March 26th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Playtika has a consensus rating of “Hold” and a consensus target price of $7.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of Playtika by 23,814.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 666,487 shares of the company’s stock worth $4,592,000 after purchasing an additional 663,700 shares during the period. State Street Corp increased its position in Playtika by 12.9% in the third quarter. State Street Corp now owns 1,317,709 shares of the company’s stock worth $10,564,000 after buying an additional 150,878 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Playtika by 76.2% in the fourth quarter. SG Americas Securities LLC now owns 175,008 shares of the company’s stock valued at $1,215,000 after buying an additional 75,702 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Playtika by 102.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,150 shares of the company’s stock valued at $635,000 after buying an additional 40,604 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Playtika during the 4th quarter worth $201,000. 11.94% of the stock is owned by institutional investors.

Playtika Trading Down 1.2 %

The company has a market cap of $1.85 billion, a PE ratio of 8.50, a price-to-earnings-growth ratio of 1.69 and a beta of 0.92. The firm has a fifty day moving average of $5.40 and a two-hundred day moving average of $6.86.

Playtika Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 21st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 8.11%. The ex-dividend date of this dividend was Friday, March 21st. Playtika’s dividend payout ratio (DPR) is currently 90.91%.

Playtika Company Profile

Playtika Holding Corp., together with its subsidiaries, develops mobile games in the United States, Europe, Middle East, Africa, Asia pacific, and internationally. The company owns a portfolio of casual and social casino-themed games. It distributes its games to the end customer through various web and mobile platforms and direct-to-consumer platforms.