Cowen Cuts Playtika (NASDAQ:PLTK) Price Target to $31.00

Playtika (NASDAQ:PLTK – Get Rating) had its price target decreased by research analysts at Cowen from $35.00 to $31.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. Cowen’s price target points to a potential upside of 163.38% from the stock’s current price.

Several other brokerages also recently issued reports on PLTK. Citigroup decreased their price target on Playtika from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, July 7th. The Goldman Sachs Group cut Playtika from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $27.00 to $22.00 in a research report on Tuesday, April 19th. Wedbush cut their price objective on Playtika from $35.00 to $22.00 in a research report on Wednesday, May 11th. Cowen cut their price objective on Playtika from $35.00 to $31.00 in a research report on Friday. Finally, Credit Suisse Group cut their price objective on Playtika from $30.00 to $24.00 in a research report on Wednesday, May 11th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.04.

Playtika Stock Performance

Shares of NASDAQ PLTK traded down $0.33 during midday trading on Friday, hitting $11.77. 2,241,272 shares of the stock traded hands, compared to its average volume of 2,047,766. The company has a market cap of $4.85 billion, a PE ratio of 13.53 and a beta of 0.20. Playtika has a one year low of $11.35 and a one year high of $30.00. The business has a 50 day moving average price of $13.27 and a two-hundred day moving average price of $15.92.

Playtika (NASDAQ:PLTK – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). Playtika had a net margin of 13.58% and a negative return on equity of 82.08%. The firm had revenue of $679.60 million for the quarter, compared to the consensus estimate of $641.85 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. As a group, equities research analysts forecast that Playtika will post 0.77 EPS for the current fiscal year.

Institutional Trading of Playtika

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. IndexIQ Advisors LLC bought a new position in Playtika in the 1st quarter worth about $37,000. Boston Partners bought a new position in Playtika in the 4th quarter worth about $62,000. Exchange Traded Concepts LLC increased its stake in Playtika by 17.6% in the 2nd quarter. Exchange Traded Concepts LLC now owns 9,110 shares of the company’s stock worth $121,000 after acquiring an additional 1,365 shares during the last quarter. New York State Teachers Retirement System increased its stake in Playtika by 13.6% in the 2nd quarter. New York State Teachers Retirement System now owns 9,200 shares of the company’s stock worth $122,000 after acquiring an additional 1,100 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new position in Playtika in the 1st quarter worth about $130,000. 20.08% of the stock is currently owned by institutional investors.

About Playtika

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Playtika Holding Corp. develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company owns a portfolio of casual and casino-themed games. It distributes its games to the end customer through various web and mobile platforms, such as Apple, Facebook, Google, and other web and mobile platforms and its own proprietary platforms.