Activision Blizzard (ATVI) Trading Down 5.7%

Activision Blizzard, Inc. (NASDAQ:ATVI)’s share price was down 5.7% during mid-day trading on Monday . The stock traded as low as $43.17 and last traded at $43.41. Approximately 8,371,775 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 11,521,159 shares. The stock had previously closed at $46.02.

Several equities analysts have issued reports on ATVI shares. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective (down from $60.00) on shares of Activision Blizzard in a research note on Wednesday, February 13th. Benchmark dropped their price objective on shares of Activision Blizzard from $87.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, February 11th. Stifel Nicolaus dropped their price objective on shares of Activision Blizzard from $67.00 to $57.00 and set a “buy” rating on the stock in a research note on Monday, January 28th. Credit Suisse Group reissued a “buy” rating and issued a $70.00 price objective on shares of Activision Blizzard in a research note on Monday, February 4th. Finally, Jefferies Financial Group set a $75.00 price objective on shares of Activision Blizzard and gave the company a “buy” rating in a research note on Thursday, February 14th. Eleven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $61.89.

The company has a market cap of $34.24 billion, a P/E ratio of 19.36, a PEG ratio of 2.15 and a beta of 0.83. The company has a current ratio of 2.63, a quick ratio of 2.61 and a debt-to-equity ratio of 0.23.

Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.13. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Activision Blizzard had a net margin of 23.90% and a return on equity of 16.19%. The firm’s revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.38 EPS. As a group, research analysts anticipate that Activision Blizzard, Inc. will post 2 EPS for the current year.

In related news, Director Robert J. Morgado sold 15,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.91, for a total value of $643,650.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.29% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Steinberg Global Asset Management lifted its holdings in shares of Activision Blizzard by 8.8% during the 4th quarter. Steinberg Global Asset Management now owns 37,210 shares of the company’s stock worth $1,733,000 after acquiring an additional 3,008 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Activision Blizzard in the fourth quarter valued at approximately $4,634,000. Probity Advisors Inc. acquired a new stake in Activision Blizzard in the fourth quarter valued at approximately $362,000. Maplelane Capital LLC acquired a new stake in Activision Blizzard in the fourth quarter valued at approximately $11,550,000. Finally, Edge Wealth Management LLC grew its position in Activision Blizzard by 2,163.8% in the first quarter. Edge Wealth Management LLC now owns 2,626 shares of the company’s stock valued at $119,000 after acquiring an additional 2,510 shares in the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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Activision Blizzard Company Profile (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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