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

Playtika Holding Corp. (NASDAQ:PLTK) gapped up before the market opened on Friday . The stock had previously closed at $2.31, but opened at $2.40. Playtika shares last traded at $2.3240, with a volume of 378,569 shares.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLTK shares. Wedbush boosted their price target on Playtika from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Wall Street Zen cut Playtika from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Citigroup dropped their target price on Playtika from $4.50 to $4.00 and set a “buy” rating for the company in a report on Thursday, September 3rd. Weiss Ratings reissued a “sell (d)” rating on shares of Playtika in a research report on Wednesday, August 26th. Finally, TD Cowen restated a “buy” rating on shares of Playtika in a research note on Tuesday, June 9th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Playtika currently has an average rating of “Hold” and an average price target of $3.75.

Playtika Trading Down 1.5%

The firm’s 50-day moving average price is $2.99 and its 200 day moving average price is $3.20. The company has a market capitalization of $867.73 million, a price-to-earnings ratio of -3.13 and a beta of 1.00.

Institutional Investors Weigh In On Playtika

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Independent Financial Group LLC bought a new position in shares of Playtika in the first quarter worth about $28,000. ProShare Advisors LLC bought a new stake in shares of Playtika during the 4th quarter valued at approximately $41,000. Keynote Financial Services LLC acquired a new position in Playtika during the 4th quarter worth approximately $41,000. Sanctuary Advisors LLC acquired a new position in Playtika during the 2nd quarter worth approximately $43,000. Finally, Pallas Capital Advisors LLC bought a new position in Playtika in the 2nd quarter valued at approximately $45,000. 11.94% of the stock is currently owned by institutional investors.

About Playtika

Playtika Holding Corp. is a digital entertainment company that develops, publishes and operates free-to-play mobile and online games. Its titles are designed for smartphones, tablets and web platforms and generate revenue primarily through in-game purchases and advertising.

The company’s portfolio includes social casino games such as Slotomania, Caesars Slots, House of Fun and Bingo Blitz, as well as casual and social games including June’s Journey and Board Kings. Playtika operates and supports its games through live services, which include regular content updates, events and features intended to maintain player engagement.

Founded in 2010, Playtika has expanded through internal development and acquisitions of game studios and intellectual property.