iGaming Stocks Watch Issue 8 (31 Mar-12 Apr) looks at how the market has performed for the first weeks of April. Could it be time to invest? (Image by Toa Heftiba at unsplash.com)
In this issue, we will catch up with the share price and general market movement of some of the most significant iGaming companies that float on various stock exchanges. In our iGaming Stocks and Shares Watch (Issue 7), we noted a few companies that were moving towards key price points, which could change the general trend. With other stocks, they struggled to move away from a difficult Q1. So, how have these stocks’ fortunes fared in the past fortnight? Here is a rundown of the market action.
Aristocrat (ALL) This Australian stock has had an uncharacteristically rocky beginning to the month. We left it last time on the back of some small gains for 37.08 AUD. But April has not been its friend so far, and the price of Aristocrat has tumbled to 32.78 AUD (12th April). This is not the first time this stock has had to show its strength, so we will probably see it recover shortly.
Entain plc (ENT) Entain finished up on March 29th for 1670.50 GBX, and we have been hopeful that it will continue to rise following the investment in Ennovate. Entain stock’s price reached 1688.50 GBX on April 4th, but since then, it has taken a nosedive and finished on April 12th at 1539.50 GBX.
Scientific Games (SGMS) SGMS is a stock that, last time, we noted, could be moving upward. It could also be the last time we cover SGMS as we know it. Scientific Games has announced that it will soon change its name to Light & Wonder Inc. We left the stock for 62.33 USD, just within touching distance of resistance levels. Well, we were excited to see this stock move closer to that resistance level when it touched 63.24 USD on the 4th of April, but unfortunately, resistance would prove the winner over the past week, and it plummeted to 57.66 USD at closing on the 12th of April. The positive from this is gaining a more accurate idea of the key price point.
LeoVegas (LEO) 37.38 SEK is where LEO was at last time, and we noted in our previous report that the stock was showing some positive signs. Well, the stock has continued on that same trajectory and reached a price of 39.80 SEK by the close of trading on the 12th of April. That represents an increase in the share price of well over 10% in 30 days, which will give investors something to be pleased about. Hopefully, this stock can start levelling off soon to build solid support.
Playtech (PTEC.L) Another of our stocks to float on the London Stock Exchange, Playtech, was at 602.50 GBX on the 29th of March and had seen a price of 630 GBX just 11 days before. Was that the start of a downward trend for the stock? Well, the past 2 weeks have certainly been turbulent, with the stock reaching as high as 613.00 GBX on the 5th of April, but has since slumped to a price of 589.00 GBX (April 12th). That represents around a 2% loss in the past two weeks.
888 Holdings (888.L) 888 Holdings has given its investors reason over the past few weeks. 888 Holdings was at 192.70 GBX when we last left it, and following exciting news that Caesars Entertainment, Inc. announced a revised agreement to sell the non-U.S. assets of William Hill to 888 Holdings Plc, the stock price rocketed. Its price was 192.00 GBX on the 6th of April, then following the news, the price rose to a staggering 224.20 GBX by close of business on the 7th of April. Such a surge rarely happens without some correction following, and as expected, the stock corrected nicely to a price of 213.20 GBX by the 12th of April. We will be on the edge of our seats with this stock, as 7 analysts who offer 12-month price targets for 888 Holdings PLC estimate a high of 693.82 GBX, a low estimate of 231.53 GBX, and a median target of 547.67 GBX.
Evolution (EVO) Evolution has gone from a price of 1027.80 SEK on the 29th of March to the 12th of April price of 991.10 SEK. On the 5th of April, this stock was priced at 1,130.20 SEK, so it has been quite a fall since then. However, we often get these rollercoaster movements in the stock market, and it is always a good idea to look at a stock graph in longer time frames to get a more accurate idea of its trend. For instance, EVO stock may have had a tough week but has gained nearly 1% in the past month. It has lost 32% of its value in the past year but has gained over 1,100% in the past five years. Form is temporary, class is permanent, as they say.
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