Shares of Scientific Games Corp (NASDAQ:SGMS) saw an uptick in trading volume on Monday following a better than expected earnings announcement. 8,065,668 shares were traded during mid-day trading, an increase of 840% from the previous session’s volume of 857,916 shares.The stock last traded at $34.15 and had previously closed at $26.85.
The technology company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.07. The company had revenue of $766.30 million during the quarter, compared to analysts’ expectations of $732.93 million. During the same quarter in the previous year, the firm posted ($0.59) earnings per share. Scientific Games Corp’s revenue for the quarter was up 5.1% compared to the same quarter last year.
A number of research firms recently issued reports on SGMS. Stifel Nicolaus boosted their target price on shares of Scientific Games Corp from $22.00 to $24.00 and gave the company a “hold” rating in a report on Friday, April 28th. Zacks Investment Research upgraded shares of Scientific Games Corp from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Tuesday, May 2nd. ValuEngine upgraded shares of Scientific Games Corp from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded shares of Scientific Games Corp from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 10th. Finally, Telsey Advisory Group boosted their target price on shares of Scientific Games Corp from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, April 28th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $24.50.
In other Scientific Games Corp news, Director Michael Gavin Isaacs sold 154,951 shares of Scientific Games Corp stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $22.81, for a total transaction of $3,534,432.31. Following the transaction, the director now directly owns 110,542 shares of the company’s stock, valued at $2,521,463.02. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 41.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SGMS. BlackRock Inc. boosted its position in shares of Scientific Games Corp by 157,167.7% in the first quarter. BlackRock Inc. now owns 6,120,858 shares of the technology company’s stock worth $144,758,000 after buying an additional 6,116,966 shares during the period. Vanguard Group Inc. boosted its position in shares of Scientific Games Corp by 27.6% in the first quarter. Vanguard Group Inc. now owns 5,916,233 shares of the technology company’s stock worth $139,918,000 after buying an additional 1,278,837 shares during the period. State Street Corp boosted its position in shares of Scientific Games Corp by 5.6% in the first quarter. State Street Corp now owns 1,213,822 shares of the technology company’s stock worth $28,705,000 after buying an additional 64,179 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Scientific Games Corp by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 621,125 shares of the technology company’s stock worth $14,689,000 after buying an additional 16,369 shares during the period. Finally, Bogle Investment Management L P DE boosted its position in shares of Scientific Games Corp by 101.8% in the first quarter. Bogle Investment Management L P DE now owns 610,609 shares of the technology company’s stock worth $14,440,000 after buying an additional 308,032 shares during the period. 61.38% of the stock is currently owned by hedge funds and other institutional investors.
The firm’s 50-day moving average price is $26.06 and its 200 day moving average price is $22.23. The firm’s market cap is $3.03 billion.
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Scientific Games Corp Company Profile
Scientific Games Corporation is a developer of technology-based products and services and associated content for the gaming, lottery and interactive gaming industries. Its segments include Gaming, Lottery and Interactive. Its portfolio includes gaming machines and game content, casino management systems, table game products and services, instant and draw-based lottery games, server-based gaming and lottery systems, sports betting technology, lottery content and services, loyalty and rewards programs, interactive gaming and social casino solutions.
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