Playtika (NASDAQ:PLTK) Shares Up 7.1% – Time to Buy?

Shares of Playtika Holding Corp. (NASDAQ:PLTK) shot up 7.1% during mid-day trading on Thursday. The stock traded as high as $2.14 and last traded at $2.1950. Approximately 78,517 shares changed hands during trading, a decline of 95% from the average session volume of 1,547,586 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

PLTK has been the subject of a number of analyst reports. Citigroup reduced their price objective on Playtika from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Wednesday. Weiss Ratings reiterated a “sell (d)” rating on shares of Playtika in a research note on Wednesday, August 26th. Wall Street Zen downgraded Playtika from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Roth Capital cut their target price on Playtika from $3.50 to $2.75 and set a “neutral” rating on the stock in a research note on Monday, August 31st. Finally, Morgan Stanley set a $4.25 target price on Playtika in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Playtika currently has a consensus rating of “Hold” and a consensus target price of $3.67.

Playtika Trading Down 3.2%

The firm has a fifty day moving average of $2.29 and a 200 day moving average of $3.11. The company has a market capitalization of $804.80 million, a P/E ratio of -2.89 and a beta of 1.07.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Independent Financial Group LLC purchased a new position in shares of Playtika in the 1st quarter worth $28,000. Sanctuary Advisors LLC bought a new position in Playtika in the second quarter valued at about $43,000. Pallas Capital Advisors LLC purchased a new position in Playtika in the second quarter worth about $45,000. Bull Harbor Capital LLC purchased a new position in Playtika in the first quarter worth about $50,000. Finally, Callan Family Office LLC purchased a new position in Playtika in the second quarter worth about $70,000. 11.94% of the stock is owned by hedge funds and other institutional investors.

Playtika Company Profile

Playtika Holding Corp. is a digital entertainment company that develops and operates free-to-play mobile and social games. Its business focuses on casual and social gaming experiences that generate revenue through in-game purchases, advertising, and other virtual goods.

The company’s portfolio has included titles such as Slotomania, Caesars Slots, Bingo Blitz, House of Fun, June’s Journey, Board Kings, and World Series of Poker. Playtika uses data analytics, live-operations capabilities, and ongoing content updates to manage player engagement and extend the life of its games.

Founded in 2010, Playtika is headquartered in Israel and serves players internationally through mobile applications and online platforms.