Activision Blizzard Inc. (ATVI) Sees Large Volume Increase
Shares of Activision Blizzard Inc. (NASDAQ:ATVI) saw an uptick in trading volume on Friday . 60,213,623 shares were traded during mid-day trading, an increase of 326% from the previous session’s volume of 14,128,351 shares.The stock last traded at $44.42 and had previously closed at $44.59.
Several equities analysts recently commented on the stock. Macquarie restated an “outperform” rating and issued a $40.00 price target (up from $36.00) on shares of Activision Blizzard in a research note on Thursday, May 26th. BMO Capital Markets restated a “market perform” rating and issued a $38.00 price target on shares of Activision Blizzard in a research note on Wednesday, August 10th. Piper Jaffray Cos. raised their price target on shares of Activision Blizzard from $42.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, August 5th. Cowen and Company restated a “buy” rating on shares of Activision Blizzard in a research note on Saturday, June 4th. Finally, Benchmark Co. restated a “buy” rating on shares of Activision Blizzard in a research note on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have given a buy rating to the company’s stock. Activision Blizzard currently has an average rating of “Buy” and a consensus price target of $43.42.
The firm’s 50 day moving average is $41.22 and its 200 day moving average is $37.65. The company has a market cap of $32.94 billion, a PE ratio of 44.73 and a beta of 1.02.
Activision Blizzard (NASDAQ:ATVI) last announced its earnings results on Thursday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Activision Blizzard had a return on equity of 14.49% and a net margin of 13.95%. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company posted $0.13 EPS. The firm’s quarterly revenue was up 112.0% compared to the same quarter last year. On average, equities analysts predict that Activision Blizzard Inc. will post $1.97 EPS for the current year.
In other Activision Blizzard news, CEO Robert A. Kotick sold 4,588,775 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $40.51, for a total transaction of $185,891,275.25. Following the sale, the chief executive officer now owns 797,049 shares in the company, valued at approximately $32,288,454.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Thomas Tippl sold 44,427 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $41.83, for a total value of $1,858,381.41. The disclosure for this sale can be found here. Company insiders own 25.23% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Zurich Insurance Group Ltd FI acquired a new position in shares of Activision Blizzard during the first quarter worth about $2,998,000. Norinchukin Bank The increased its position in shares of Activision Blizzard by 2.7% in the second quarter. Norinchukin Bank The now owns 26,718 shares of the company’s stock worth $1,059,000 after buying an additional 692 shares in the last quarter. Steinberg Global Asset Management increased its position in shares of Activision Blizzard by 61.5% in the first quarter. Steinberg Global Asset Management now owns 33,829 shares of the company’s stock worth $1,145,000 after buying an additional 12,884 shares in the last quarter. Invictus RG increased its position in shares of Activision Blizzard by 1,548.1% in the first quarter. Invictus RG now owns 9,246 shares of the company’s stock worth $313,000 after buying an additional 8,685 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new position in shares of Activision Blizzard during the second quarter worth about $2,757,000. Hedge funds and other institutional investors own 83.91% of the company’s stock.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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