Activision Blizzard (ATVI) Stock Price Down 6% After Insider Selling

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Activision Blizzard, Inc. (NASDAQ:ATVI)’s share price fell 6% during trading on Monday after an insider sold shares in the company. The stock traded as low as $43.33 and last traded at $43.61. 7,511,052 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 11,268,711 shares. The stock had previously closed at $46.39.

Specifically, insider Christopher B. Walther sold 2,333 shares of Activision Blizzard stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $45.91, for a total transaction of $107,108.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert J. Morgado sold 15,000 shares of Activision Blizzard stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.91, for a total transaction of $643,650.00. The disclosure for this sale can be found here. 1.29% of the stock is currently owned by company insiders.

A number of research firms have recently issued reports on ATVI. Credit Suisse Group reduced their price target on shares of Activision Blizzard from $70.00 to $64.00 and set an “outperform” rating for the company in a research report on Wednesday, February 13th. Wedbush reiterated an “outperform” rating and set a $56.00 price target (down from $64.00) on shares of Activision Blizzard in a research report on Wednesday, February 13th. Bank of America reiterated a “neutral” rating and set a $54.00 price target (down from $58.00) on shares of Activision Blizzard in a research report on Wednesday, February 13th. Stifel Nicolaus reduced their price target on shares of Activision Blizzard from $67.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, January 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target (down from $60.00) on shares of Activision Blizzard in a research report on Wednesday, February 13th. Eleven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $61.89.

The company has a market capitalization of $35.54 billion, a P/E ratio of 18.25, a P/E/G ratio of 2.30 and a beta of 0.83. The company has a current ratio of 2.63, a quick ratio of 2.61 and a debt-to-equity ratio of 0.23.

Activision Blizzard (NASDAQ:ATVI) last released its earnings results on Thursday, May 2nd. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.13. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Activision Blizzard had a net margin of 23.90% and a return on equity of 16.19%. Activision Blizzard’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. As a group, analysts predict that Activision Blizzard, Inc. will post 1.99 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Steinberg Global Asset Management grew its stake in shares of Activision Blizzard by 8.8% during the 4th quarter. Steinberg Global Asset Management now owns 37,210 shares of the company’s stock valued at $1,733,000 after buying an additional 3,008 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in Activision Blizzard during the 4th quarter worth $4,634,000. Probity Advisors Inc. purchased a new stake in Activision Blizzard during the 4th quarter worth $362,000. Maplelane Capital LLC purchased a new stake in Activision Blizzard during the 4th quarter worth $11,550,000. Finally, Edge Wealth Management LLC boosted its position in Activision Blizzard by 2,163.8% during the 1st quarter. Edge Wealth Management LLC now owns 2,626 shares of the company’s stock worth $119,000 after purchasing an additional 2,510 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

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About Activision Blizzard (NASDAQ:ATVI)

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. It develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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