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 be catching 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 result in a switch in the general trend. With other stocks, they were struggling to move away from a difficult Q1. So how have these stock’s 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, at a price of 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 that this stock has had to show its strength, so we will probably be seeing it recover in the near future.
Entain plc (ENT) Entain finished up on March the 29th at a price of 1670.50 GBX, and we have been hopeful that it will continue to rise following the investment in Ennovate. The price of Entain stock did reach 1688.50 GBX on the 4th of April, but since then it has taken a nosedive and finished on the 12th of April at a price of 1539.50 GBX.
Scientific Games (SGMS) SGMS is a stock that last time we noted could possibly be moving in an upward direction. It could also be the last time that we cover SGMS as we know it, as Scientific Games has announced, it will soon be changing its name to Light & Wonder Inc. We left the stock at a price of 62.33 USD, which was 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 to take from this is gaining a more accurate idea of where the key price point is.
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 absolutely 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 a solid level of 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 2 weeks.
888 Holdings (888.L) 888 Holdings has given its investors reason over the past couple of 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 report can be downloaded and read from the 888 website), the stock price rocketed. Its price was at 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 almost never happens without some kind of 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 actually 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 have a look at a stocks graph on longer time frames in order to get a more accurate idea of its trend. For instance, EVO stock may have had a tough week, but it has in fact gained nearly 1% in the past month. It has lost 32% of value in the past year but has gained over 1,100% in the past 5 years. Form is temporary, class is permanent, as they say.
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