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Playtech ( (GB:PTEC) ) just unveiled an announcement.
Playtech plc announced the purchase of approximately 9.94 million ordinary shares, representing 3.2% of its issued share capital, for £23.4 million. This purchase is part of its ongoing share buyback program aimed at acquiring up to £43.7 million of its shares. The acquired shares will be transferred to the company’s Employee Benefit Trust to support its employee share schemes. This strategic move does not alter the total number of shares in issue or voting rights, maintaining stability for stakeholders.
The most recent analyst rating on (GB:PTEC) stock is a Hold with a £266.00 price target. To see the full list of analyst forecasts on Playtech stock, see the GB:PTEC Stock Forecast page.
Spark’s Take on GB:PTEC Stock
According to Spark, TipRanks’ AI Analyst, GB:PTEC is a Neutral.
Playtech’s overall stock score is driven by its mixed financial performance and undervaluation. While the company shows potential with strategic growth initiatives and a strong cash position, technical indicators highlight bearish momentum, and revenue challenges persist. The earnings call provides a cautiously optimistic outlook, but risks in emerging markets and revenue declines need to be addressed.
To see Spark’s full report on GB:PTEC stock, click here.
More about Playtech
Founded in 1999 and listed on the London Stock Exchange, Playtech is a leading technology company in the gambling industry, providing business intelligence-driven gambling software, services, content, and platform technology. It operates across various product verticals such as casino, live casino, sports betting, bingo, and poker. Playtech is known for its omni-channel gambling technology through its integrated platform, Playtech ONE, and partners with top brands in regulated markets to deliver its technology solutions.
Average Trading Volume: 1,109,976
Technical Sentiment Signal: Sell
Current Market Cap: £712.9M
For an in-depth examination of PTEC stock, go to TipRanks’ Overview page.