{"id":213000,"date":"2022-05-11T10:21:02","date_gmt":"2022-05-11T17:21:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=213000"},"modified":"2022-05-11T15:10:32","modified_gmt":"2022-05-11T22:10:32","slug":"playtika-stock-rallies-despite-spate-of-price-target-cuts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/","title":{"rendered":"Playtika Mum on Potential Sale, Analysts Pare Price Targets"},"content":{"rendered":"

Shares of Playtika (NASDAQ:PLTK) are surging today despite the company reporting downbeat first-quarter results and not providing an update on a potential sale.<\/p>\n

\"Playtika\"
A billboard advertising Playtika in Israel. The stock is soaring today despite a batch of price target cuts. (Image: Haaretz.com<\/em>)<\/figcaption><\/figure>\n

In midday trading, the mobile gaming company is higher by 6.15%, stemming a 31% slide over the past week. After the close of US markets Tuesday, the Israeli gaming firm posted earnings per share of 20 cents on sales of $676.9 million. Analysts expected earnings of 22 cents, while revenue missed the consensus estimate by 0.37%.<\/p>\n

Playtika forecast 2022 sales of $2.73 billion, below analysts\u2019 estimate of $2.82 billion. Further muddying the waters, the mobile games developer offered no update on the strategic alternatives plan<\/a> announced in February. It also cautioned analysts on a conference call to not bring up the issue.<\/p>\n

We want to note that we do not have an update on our previously announced evaluation of strategic alternatives, and will not be answering questions related to this topic,\u201d<\/strong> said Dave Niederman, vice president investor relations on the call.<\/p><\/blockquote>\n

Playtika shares are off almost 28% since the strategic alternatives announcement was delivered on Feb. 24. Potential suitors haven\u2019t been mentioned over the past three months.<\/p>\n

Playtika Stock Firm Despite Challenges<\/h2>\n

There\u2019s no denying Playtika stock is in a slump — it\u2019s down 53% over the past year<\/a> — but at least for today, it\u2019s holding up relatively well.<\/p>\n

\n

That\u2019s impressive when considering the aforementioned weak 2022 outlook, lack of visibility on finding a buyer, and the fact that multiple analysts trimmed price targets on the Caesars Casino developer. Entering today, the consensus price forecast on the gaming stock was $26.50, meaning the stock needs to more than double to get there. Plenty of analysts don\u2019t see that happening.<\/p>\n<\/div>\n

Credit Suisse analyst Stephen pares his Playtika price outlook to $24 from $30, while Baird analyst Colin Sebastian reduces his price estimate on the stock to $16 from $27. Sebastian called the company\u2019s first-quarter results solid in the face of rising headwinds.<\/p>\n

Wedbush analyst Michael Pachter cuts his Playtika price target to $22 from $35 while maintaining an \u201coutperform\u201d rating on the shares. MKM Partners analyst Eric Handler goes to $17 from $25, noting adjusted financial expectations could be more achievable for the gaming company.<\/strong><\/p>\n

Playtika Still Has Headwinds<\/h2>\n

Playtika sports a market value of $5.75 billion and long-term debt of $2.42 billion, making the company easily digestible for any number of potential suitors.<\/p>\n

Still, analysts are concerned about slowing growth in the mobile casino space and Playtika\u2019s dependence on a small number of titles.<\/strong><\/p>\n

Additionally, the stock is a favored target of short sellers, and majority investor Playtika Holding UK II Limited (PHUK II) is mulling selling 15% to 25%<\/a> of the company\u2019s shares outstanding. Should that transaction materialize, it\u2019d almost certainly act as a drag on the stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Playtika (NASDAQ:PLTK) are surging today despite the company reporting downbeat first-quarter results and not providing an update on a potential sale. In midday trading, the mobile gaming company is higher by 6.15%, stemming a 31% slide over the past week. After the close of US markets Tuesday, the Israeli gaming firm posted earnings […]<\/p>\n","protected":false},"author":46,"featured_media":202744,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,20],"tags":[],"acf":[],"yoast_head":"\nPlaytika Stock Rallies Despite Spate Of Price Target Cuts<\/title>\n<meta name=\"description\" content=\"Playtika stock jumps despite lack of update on sale and price target reductions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playtika Stock Rallies Despite Spate Of Price Target Cuts\" \/>\n<meta property=\"og:description\" content=\"Playtika stock jumps despite lack of update on sale and price target reductions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-11T17:21:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-11T22:10:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/playtika.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2200\" \/>\n\t<meta property=\"og:image:height\" content=\"1468\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/\",\"url\":\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/\",\"name\":\"Playtika Stock Rallies Despite Spate Of Price Target Cuts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/playtika.jpg\",\"datePublished\":\"2022-05-11T17:21:02+00:00\",\"dateModified\":\"2022-05-11T22:10:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Playtika stock jumps despite lack of update on sale and price target reductions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/playtika-stock-rallies-despite-spate-of-price-target-cuts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/playtika.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/playtika.jpg\",\"width\":2200,\"height\":1468,\"caption\":\"A billboard advertising Playtika in Israel. 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