Devolver Digital (LON:DEVO) Stock Price Up 8% – Here’s Why

Devolver Digital, Inc. (LON:DEVO) was up 8% during mid-day trading on Friday . The company traded as high as GBX 7 and last traded at GBX 6.59. Approximately 21,569,664 shares traded hands during trading, an increase of 6,576% from the average session volume of 323,070 shares. The stock had previously closed at GBX 6.10.

Devolver Digital News Roundup

Here are the key news stories impacting Devolver Digital this week:

• Positive Sentiment: Strong performance from Ball X Pit provides a bright spot. Devolver’s roguelite game has surpassed 2 million copies sold, and the publisher announced one final free update. The sales milestone demonstrates continued demand for Devolver’s portfolio and could support near-term revenue and cash generation. BALL x PIT Gets One Final Free Update as It Smashes 2 Million Copies Sold
• Positive Sentiment: Game Pass exposure may expand the audience for a Devolver-published zombie title. “Quarantine Zone” has received favorable attention after arriving on Xbox Game Pass, potentially increasing visibility, player engagement and future sales for the publisher, although the financial benefit of subscription distribution is not yet clear. Don’t sleep on the quietly great zombie game that just landed on Xbox Game Pass
• Neutral Sentiment: Devolver intends to go private and delist from London’s AIM market. Management says the public-company structure is poorly suited to the video-game business and has indicated that a transaction will be pursued to take the publisher private. The plan could provide shareholders with a cash exit or premium, but the final terms, timetable and required approvals remain important uncertainties. Devolver Digital intends to go private
• Negative Sentiment: The delisting announcement highlights severe investor losses and uncertainty. Coverage emphasizes the approximately 95%–96% share-price decline since the IPO and the difficult environment for the games industry. Until investors know the proposed offer price and whether a deal will complete, the announcement may be viewed as an admission that the public listing has failed to deliver value. Devolver Digital to leave London Stock Market after 96% share price collapse

Wall Street Analysts Forecast Growth

Several analysts have issued reports on DEVO shares. Berenberg Bank reaffirmed a “buy” rating and set a GBX 28 target price on shares of Devolver Digital in a research report on Wednesday, July 1st. Shore Capital Group reiterated a “buy” rating and set a GBX 27 price objective on shares of Devolver Digital in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of GBX 27.50.

Devolver Digital Price Performance

The company has a 50-day moving average of GBX 18.46 and a 200 day moving average of GBX 21.65. The company has a quick ratio of 4.85, a current ratio of 1.78 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of £32.67 million, a PE ratio of -1.94 and a beta of -0.43.

Devolver Digital Company Profile

Devolver Digital Inc develops, publishes video games for PC and mobile devices in the United States and internationally. Devolver Digital Inc was incorporated in 2008 and is based in Austin, Texas.