Playtika (NASDAQ:PLTK) Shares Gap Up – Here’s Why

Playtika Holding Corp. (NASDAQ:PLTK)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $4.40, but opened at $4.98. Playtika shares last traded at $5.39, with a volume of 2,529,345 shares trading hands.

Analysts Set New Price Targets

PLTK has been the subject of a number of research analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $11.50 price target on shares of Playtika in a research note on Wednesday, February 26th. Baird R W cut shares of Playtika from a “strong-buy” rating to a “hold” rating in a report on Friday, February 28th. Citigroup lowered their price target on shares of Playtika from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, March 7th. Robert W. Baird restated a “neutral” rating and issued a $6.00 price objective (down previously from $9.00) on shares of Playtika in a report on Friday, February 28th. Finally, Bank of America upgraded shares of Playtika from an “underperform” rating to a “buy” rating and lifted their target price for the company from $6.00 to $6.50 in a report on Wednesday. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Playtika has a consensus rating of “Hold” and a consensus price target of $8.09.

Playtika Price Performance

The company has a market cap of $2.02 billion, a P/E ratio of 9.28, a P/E/G ratio of 1.69 and a beta of 0.98. The company’s 50-day moving average is $6.29 and its two-hundred day moving average is $7.23.

Playtika Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 7.43%. The ex-dividend date is Friday, March 21st. Playtika’s dividend payout ratio is currently 90.91%.

Institutional Investors Weigh In On Playtika

Several institutional investors have recently modified their holdings of PLTK. Covestor Ltd boosted its holdings in shares of Playtika by 11.4% during the 4th quarter. Covestor Ltd now owns 14,103 shares of the company’s stock valued at $98,000 after acquiring an additional 1,447 shares during the last quarter. Sterling Capital Management LLC lifted its position in Playtika by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 4,216 shares of the company’s stock valued at $29,000 after purchasing an additional 1,534 shares during the period. Choreo LLC boosted its holdings in Playtika by 14.9% in the fourth quarter. Choreo LLC now owns 12,485 shares of the company’s stock worth $90,000 after purchasing an additional 1,619 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Playtika by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 536,945 shares of the company’s stock valued at $3,726,000 after buying an additional 1,639 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Playtika by 3.0% during the 4th quarter. Invesco Ltd. now owns 78,390 shares of the company’s stock valued at $544,000 after buying an additional 2,304 shares during the period. 11.94% of the stock is owned by hedge funds and other institutional investors.

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.