International Game Technology PLC (NYSE:IGT) Short Interest Update

International Game Technology PLC (NYSE:IGT) saw a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 3,240,000 shares, a drop of 23.0% from the December 31st total of 4,210,000 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average daily trading volume, of 2,660,000 shares, the days-to-cover ratio is presently 1.2 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its stake in shares of International Game Technology by 222.8% in the 1st quarter. FMR LLC now owns 2,057,614 shares of the company’s stock valued at $26,729,000 after purchasing an additional 1,420,212 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in International Game Technology during the third quarter worth about $2,892,000. Nisa Investment Advisors LLC acquired a new position in International Game Technology during the third quarter worth about $41,000. Dupont Capital Management Corp bought a new position in shares of International Game Technology in the third quarter worth about $846,000. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of International Game Technology by 242.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 23,907 shares of the company’s stock valued at $266,000 after purchasing an additional 16,918 shares in the last quarter.

A number of research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of International Game Technology from $16.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 7th. Credit Suisse Group raised International Game Technology from an “underperform” rating to a “neutral” rating and upped their target price for the company from $5.00 to $14.00 in a research report on Thursday, November 19th. Jefferies Financial Group raised International Game Technology from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Tuesday, January 19th. Argus raised International Game Technology from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Tuesday, January 12th. Finally, Truist raised International Game Technology from a “hold” rating to a “buy” rating in a report on Thursday, January 14th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. International Game Technology presently has a consensus rating of “Buy” and an average price target of $17.15.

Shares of IGT traded up $0.07 during trading hours on Wednesday, hitting $17.20. 3,894,261 shares of the company were exchanged, compared to its average volume of 2,450,642. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -4.28 and a beta of 2.34. The firm’s fifty day moving average is $17.08 and its 200 day moving average is $12.64. International Game Technology has a fifty-two week low of $3.59 and a fifty-two week high of $19.11. The company has a quick ratio of 1.01, a current ratio of 1.08 and a debt-to-equity ratio of 4.55.

International Game Technology (NYSE:IGT) last issued its earnings results on Monday, November 16th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of ($0.16) by $0.42. The company had revenue of $981.51 million during the quarter, compared to analysts’ expectations of $801.03 million. International Game Technology had a negative net margin of 21.60% and a positive return on equity of 0.59%. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.21 EPS. Analysts anticipate that International Game Technology will post -0.16 EPS for the current year.

International Game Technology Company Profile

International Game Technology PLC operates and provides gaming technology products and services worldwide. The company operates through four segments: North America Gaming and Interactive, North America Lottery, International, and Italy. It designs, sells, and operates a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services.

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