why International Game Technology PLC [IGT] is a Good Choice for Investors After New Price Target of $29.46

International Game Technology PLC [NYSE: IGT] slipped around -1.88 points on Wednesday, while shares priced at $22.53 at the close of the session, down -7.70%. The company report on November 8, 2022 that INTERNATIONAL GAME TECHNOLOGY PLC REPORTS THIRD QUARTER 2022 RESULTS.

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Consolidated revenue of $1.06 billion, up 8% as reported and 14% at constant currency, with contributions from each segment including over 30% growth in Global Gaming.

Operating income of $211 million; operating income margin of 20% at high end of outlook.

International Game Technology PLC stock is now -22.07% down from its year-to-date (YTD) trading value. IGT Stock saw the intraday high of $24.54 and lowest of $22.24 per share. The company’s 52-week high price is 32.72, which means current price is +50.15% above from all time high which was touched on 02/10/22.

Compared to the average trading volume of 1.37M shares, IGT reached a trading volume of 3822349 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about International Game Technology PLC [IGT]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IGT shares is $29.46 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IGT stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Jefferies have made an estimate for International Game Technology PLC shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 12, 2022. While these analysts kept the previous recommendation, Stifel raised their target price to Buy. The new note on the price target was released on December 17, 2021, representing the official price target for International Game Technology PLC stock. Previously, the target price had yet another drop from $38 to $33, while Jefferies kept a Hold rating on IGT stock.

The Average True Range (ATR) for International Game Technology PLC is set at 1.23, with the Price to Sales ratio for IGT stock in the period of the last 12 months amounting to 1.10. The Price to Book ratio for the last quarter was 3.45, with the Price to Cash per share for the same quarter was set at 3.36. Price to Free Cash Flow for IGT in the course of the last twelve months was 9.00 with Quick ratio for the last quarter at 1.40.

How has IGT stock performed recently?

International Game Technology PLC [IGT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.01. With this latest performance, IGT shares gained by 32.92% in over the last four-week period, additionally plugging by 13.85% over the last 6 months – not to mention a drop of -30.16% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IGT stock in for the last two-week period is set at 64.94, with the RSI for the last a single of trading hit 65.94, and the three-weeks RSI is set at 62.80 for International Game Technology PLC [IGT]. The present Moving Average for the last 50 days of trading for this stock 18.16, while it was recorded at 21.20 for the last single week of trading, and 21.35 for the last 200 days.

International Game Technology PLC [IGT]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and International Game Technology PLC [IGT] shares currently have an operating margin of +22.25 and a Gross Margin at +47.88. International Game Technology PLC’s Net Margin is presently recorded at +1.59.

Return on Equity for this stock inclined to 6.31, with Return on Assets sitting at 0.53.

International Game Technology PLC’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.60.

Earnings analysis for International Game Technology PLC [IGT]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IGT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for International Game Technology PLC go to 33.45%.

Insider trade positions for International Game Technology PLC [IGT]

There are presently around $2,097 million, or 49.20% of IGT stock, in the hands of institutional investors. The top three institutional holders of IGT stocks are: BLACKROCK INC. with ownership of 9,045,255, which is approximately -6.181% of the company’s market cap and around 49.97% of the total institutional ownership; MASSACHUSETTS FINANCIAL SERVICES CO /MA/, holding 8,229,339 shares of the stock with an approximate value of $185.41 million in IGT stocks shares; and LAZARD ASSET MANAGEMENT LLC, currently with $174.86 million in IGT stock with ownership of nearly 25.033% of the company’s market capitalization.

Positions in International Game Technology PLC stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 119 institutional holders increased their position in International Game Technology PLC [NYSE:IGT] by around 16,587,401 shares. Additionally, 103 investors decreased positions by around 10,858,431 shares, while 33 investors held positions by with 65,612,251 shares. The mentioned changes placed institutional holdings at 93,058,083 shares, according to the latest SEC report filing. IGT stock had 38 new institutional investments in for a total of 3,310,045 shares, while 40 institutional investors sold positions of 4,012,954 shares during the same period.


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