Activision Blizzard (ATVI) Shares Gap Down to $43.41

Activision Blizzard, Inc. (NASDAQ:ATVI) shares gapped down before the market opened on Tuesday . The stock had previously closed at $42.09, but opened at $43.41. Activision Blizzard shares last traded at $44.89, with a volume of 258297 shares.

Several research firms have commented on ATVI. Credit Suisse Group reduced their price objective on Activision Blizzard from $70.00 to $64.00 and set an “outperform” rating on the stock in a report on Wednesday, February 13th. Wedbush restated an “outperform” rating and set a $56.00 price objective (down from $64.00) on shares of Activision Blizzard in a report on Wednesday, February 13th. Bank of America restated a “neutral” rating and set a $54.00 price objective (down from $58.00) on shares of Activision Blizzard in a report on Wednesday, February 13th. Stifel Nicolaus reduced their price objective on Activision Blizzard from $67.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, January 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $50.00 price objective (down from $60.00) on shares of Activision Blizzard in a report on Wednesday, February 13th. Eleven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $61.89.

The firm has a market cap of $34.24 billion, a PE ratio of 19.36, a price-to-earnings-growth ratio of 2.15 and a beta of 0.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.63 and a quick ratio of 2.61.

Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.13. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.24 billion. Activision Blizzard had a return on equity of 16.19% and a net margin of 23.90%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.38 EPS. Analysts expect that Activision Blizzard, Inc. will post 2 EPS for the current year.

In other news, Director Robert J. Morgado sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $42.91, for a total value of $643,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.29% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of ATVI. Federated Investors Inc. PA boosted its position in shares of Activision Blizzard by 143.2% in the 3rd quarter. Federated Investors Inc. PA now owns 165,899 shares of the company’s stock worth $13,802,000 after purchasing an additional 97,670 shares in the last quarter. Gofen & Glossberg LLC IL lifted its position in Activision Blizzard by 32.3% during the 4th quarter. Gofen & Glossberg LLC IL now owns 66,867 shares of the company’s stock worth $3,114,000 after acquiring an additional 16,311 shares during the period. Coastline Trust Co lifted its position in Activision Blizzard by 24.5% during the 4th quarter. Coastline Trust Co now owns 19,945 shares of the company’s stock worth $929,000 after acquiring an additional 3,925 shares during the period. Ipswich Investment Management Co. Inc. acquired a new stake in Activision Blizzard during the 4th quarter worth about $45,000. Finally, Dubuque Bank & Trust Co. acquired a new stake in Activision Blizzard during the 4th quarter worth about $68,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

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About Activision Blizzard (NASDAQ:ATVI)

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. It 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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