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Playtika Holding Corp . (NASDAQ:PLTK), currently valued at $3.2 billion with a P/E ratio of 14.7, recently reported significant share sales by major stakeholders. According to a Form 4 filing with the Securities and Exchange Commission, Playtika Holding UK II Ltd, along with other related entities, sold a total of 367,390 shares over two days, December 4 and 5. The transactions were executed at prices ranging from $8.5641 to $8.6159 per share, amounting to a total of approximately $3.16 million. InvestingPro analysis suggests the stock is currently undervalued, with strong free cash flow yield and relatively low price volatility.
The shares were sold by entities including Playtika Holding UK II Ltd, Chongqing Cibi Business Information Consultancy Co. Ltd., Alpha Frontier Ltd, and others, all of which are linked to the Giant Network Group Co. Ltd. These entities are significant stakeholders in Playtika, with complex interrelationships involving economic interests and ownership structures.
Following these transactions, the shares owned by these entities collectively stand at over 202 million. The sales were made for the economic benefit of a non-affiliated entity, which holds about 1% of the outstanding shares of Playtika. This move comes amidst ongoing market interest in the company's performance and strategic direction.
In other recent news, Playtika Holding Corp. has reported mixed results in its Q3 earnings, with revenues reaching $620.8 million and net income declining to $39.3 million. The company's Direct-to-Consumer (DTC) segment, however, generated $174.4 million in revenue, showing signs of growth. In response to these developments, Playtika adjusted its full-year revenue guidance to between $2.505 billion and $2.52 billion, and raised its credit adjusted EBITDA guidance to between $755 million and $765 million.
In a significant move, Playtika also announced the completion of its acquisition of SuperPlay, a mobile gaming company known for successful titles like Dice Dreams and Domino Dreams. This acquisition, which also includes two games in development, is expected to drive growth for Playtika by expanding its game portfolio. Moreover, the addition of SuperPlay's skilled development team is anticipated to contribute to Playtika's mission of delivering high-quality gaming experiences to a global audience.
These are recent developments that reflect a mix of challenges and strategic initiatives aimed at long-term growth for Playtika. Despite some underperforming titles leading to lowered guidance for the quarter, the company's strategic acquisitions and the growth of the DTC segment indicate potential areas for recovery and future expansion.
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