Playtika (NASDAQ:PLTK) Trading Down 3.5% on Analyst Downgrade

Playtika Holding Corp. (NASDAQ:PLTK)’s stock price was down 3.5% 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 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 weighed in on PLTK. Baird R W lowered shares of Playtika from a “strong-buy” rating to a “hold” rating in a report on Friday, February 28th. Citigroup reduced their price objective on shares of Playtika from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. Macquarie lowered their target price on Playtika from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Bank of America upgraded Playtika from an “underperform” rating to a “buy” rating and upped their price target for the company from $6.00 to $6.50 in a research report on Wednesday, March 26th. Finally, Wedbush restated an “outperform” rating and set a $11.50 price objective on shares of Playtika in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.78.

Institutional Investors Weigh In On Playtika

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

Playtika Price Performance

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

Playtika Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 21st were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 21st. This represents a $0.40 annualized dividend and a yield of 8.11%. Playtika’s payout ratio 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.