Market Analysts see International Game Technology PLC [IGT] falling to $26. Time to buy?

International Game Technology PLC [NYSE: IGT] gained 0.08% on the last trading session, reaching $24.58 price per share at the time. The company report on January 3, 2023 that IGT PlaySports™ Partners with UBetOhio to Deliver High-Performing Sports Betting Technology Across Ohio.

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International Game Technology PLC (“IGT”) (NYSE: IGT) announced today that its proven IGT PlaySports™ technology is now live in Ohio. Through an agreement with Green Bear Gaming Development, LLC, operating as UBetOhio, IGT’s PlaySports QuickBet™ Kiosks have been deployed at restaurants and bars across Ohio. IGT also plans to deliver its PlaySports Pads™ in the coming months.

“UBetOhio is excited to partner with IGT PlaySports to deploy award-winning technology and convenient betting solutions to the many sports fans throughout the state,” said Andy Westmeyer, UBetOhio CEO and COO. “IGT PlaySports is the leading sports betting provider in the U.S., and its experience in delivering world-class technology enables us to offer restaurants and bars added excitement for patrons while they are watching their favorite Ohio sports teams.”.

International Game Technology PLC represents 201.59 million in outstanding shares, while the company has a total market value of $4.92 billion with the latest information. IGT stock price has been found in the range of $24.30 to $24.80.

If compared to the average trading volume of 1.33M shares, IGT reached a trading volume of 518217 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $30.59 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 0.76, with the Price to Sales ratio for IGT stock in the period of the last 12 months amounting to 1.18. The Price to Book ratio for the last quarter was 3.13, with the Price to Cash per share for the same quarter was set at 2.00. Price to Free Cash Flow for IGT in the course of the last twelve months was 8.80 with Quick ratio for the last quarter at 1.00.

Trading performance analysis for IGT stock

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 3.36. With this latest performance, IGT shares dropped by -1.17% in over the last four-week period, additionally plugging by 36.56% over the last 6 months – not to mention a drop of -12.21% 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 62.31, with the RSI for the last a single of trading hit 69.03, and the three-weeks RSI is set at 59.74 for International Game Technology PLC [IGT]. The present Moving Average for the last 50 days of trading for this stock 23.51, while it was recorded at 24.31 for the last single week of trading, and 20.75 for the last 200 days.

International Game Technology PLC [IGT]: A deeper dive into fundamental analysis

International Game Technology PLC’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.20.

International Game Technology PLC [IGT]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at International Game Technology PLC [IGT]

There are presently around $2,166 million, or 48.50% of IGT stock, in the hands of institutional investors. The top three institutional holders of IGT stocks are: LAZARD ASSET MANAGEMENT LLC with ownership of 9,946,043, which is approximately 28.152% of the company’s market cap and around 48.14% of the total institutional ownership; MASSACHUSETTS FINANCIAL SERVICES CO /MA/, holding 8,229,339 shares of the stock with an approximate value of $202.28 million in IGT stocks shares; and BLACKROCK INC., currently with $201.06 million in IGT stock with ownership of nearly -9.566% of the company’s market capitalization.

Positions in International Game Technology PLC stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 97 institutional holders increased their position in International Game Technology PLC [NYSE:IGT] by around 8,467,545 shares. Additionally, 104 investors decreased positions by around 11,960,739 shares, while 40 investors held positions by with 67,686,302 shares. The mentioned changes placed institutional holdings at 88,114,586 shares, according to the latest SEC report filing. IGT stock had 23 new institutional investments in for a total of 476,621 shares, while 39 institutional investors sold positions of 5,519,246 shares during the same period.

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