BidaskClub Downgrades Activision Blizzard (ATVI) to Sell

Activision Blizzard (NASDAQ:ATVI) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Thursday.

A number of other research analysts have also weighed in on the company. ValuEngine lowered Activision Blizzard from a “buy” rating to a “hold” rating in a report on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $100.00 target price on shares of Activision Blizzard in a report on Monday, November 5th. Stifel Nicolaus reduced their target price on Activision Blizzard from $82.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, October 31st. KeyCorp reduced their target price on Activision Blizzard from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, October 31st. Finally, MKM Partners reduced their target price on Activision Blizzard to $71.00 and set a “neutral” rating for the company in a report on Tuesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $77.62.

ATVI stock opened at $55.01 on Thursday. The company has a quick ratio of 2.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.42. The stock has a market cap of $49.63 billion, a price-to-earnings ratio of 26.83, a P/E/G ratio of 1.73 and a beta of 1.11. Activision Blizzard has a twelve month low of $53.50 and a twelve month high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last posted its earnings results on Thursday, November 8th. The company reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.03). The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Activision Blizzard had a net margin of 6.96% and a return on equity of 16.39%. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. Sell-side analysts expect that Activision Blizzard will post 2.49 EPS for the current fiscal year.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $68.70, for a total value of $1,357,580.70. Following the completion of the sale, the chief executive officer now owns 20,324 shares in the company, valued at approximately $1,396,258.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.29% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in Activision Blizzard by 4.8% in the 3rd quarter. FMR LLC now owns 96,798,252 shares of the company’s stock worth $8,052,646,000 after buying an additional 4,476,835 shares during the last quarter. BlackRock Inc. lifted its position in Activision Blizzard by 0.4% in the 2nd quarter. BlackRock Inc. now owns 51,100,165 shares of the company’s stock worth $3,899,967,000 after buying an additional 209,193 shares during the last quarter. Jennison Associates LLC lifted its position in Activision Blizzard by 4.8% in the 3rd quarter. Jennison Associates LLC now owns 14,707,945 shares of the company’s stock worth $1,223,554,000 after buying an additional 679,532 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Activision Blizzard by 7.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,436,812 shares of the company’s stock worth $701,858,000 after buying an additional 552,697 shares during the last quarter. Finally, Egerton Capital UK LLP lifted its position in Activision Blizzard by 29.1% in the 2nd quarter. Egerton Capital UK LLP now owns 7,286,230 shares of the company’s stock worth $556,085,000 after buying an additional 1,642,285 shares during the last quarter. Institutional investors own 86.92% of the company’s stock.

Activision Blizzard Company Profile

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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