Scientific Games Corp (SGMS) Shares Up 9.5% Following Analyst Upgrade
Scientific Games Corp (NASDAQ:SGMS) shot up 9.5% during trading on Monday after Stifel Nicolaus raised their price target on the stock from $35.00 to $40.00. Stifel Nicolaus currently has a hold rating on the stock. Scientific Games Corp traded as high as $42.10 and last traded at $42.05. 2,227,967 shares traded hands during trading, an increase of 77% from the average session volume of 1,261,830 shares. The stock had previously closed at $38.40.
SGMS has been the topic of a number of other research reports. Zacks Investment Research lowered Scientific Games Corp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. ValuEngine raised Scientific Games Corp from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub raised Scientific Games Corp from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.25.
In related news, Director Michael Gavin Isaacs sold 68,036 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $38.85, for a total transaction of $2,643,198.60. Following the completion of the transaction, the director now directly owns 110,815 shares in the company, valued at $4,305,162.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP James C. Kennedy sold 122,681 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $37.14, for a total value of $4,556,372.34. Following the transaction, the executive vice president now owns 186,363 shares of the company’s stock, valued at $6,921,521.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 192,850 shares of company stock valued at $7,281,691. 41.53% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of Scientific Games Corp by 157,167.7% during 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 in the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in shares of Scientific Games Corp by 1.9% during the first quarter. Municipal Employees Retirement System of Michigan now owns 11,600 shares of the technology company’s stock worth $274,000 after buying an additional 220 shares in the last quarter. Federated Investors Inc. PA grew its holdings in shares of Scientific Games Corp by 57.7% during the second quarter. Federated Investors Inc. PA now owns 185,603 shares of the technology company’s stock worth $4,844,000 after buying an additional 67,902 shares in the last quarter. Laurion Capital Management LP bought a new position in shares of Scientific Games Corp during the first quarter worth about $215,000. Finally, Prudential Financial Inc. grew its holdings in shares of Scientific Games Corp by 6.1% during the first quarter. Prudential Financial Inc. now owns 91,740 shares of the technology company’s stock worth $2,170,000 after buying an additional 5,260 shares in the last quarter. Institutional investors and hedge funds own 62.90% of the company’s stock.
The stock’s market capitalization is $3.76 billion. The stock has a 50-day moving average price of $35.76 and a 200-day moving average price of $26.98.
Scientific Games Corp (NASDAQ:SGMS) last posted its quarterly earnings results on Monday, July 24th. The technology company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.08. The firm had revenue of $766.30 million for the quarter, compared to analyst estimates of $732.93 million. During the same period last year, the company posted ($0.59) earnings per share. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. Analysts anticipate that Scientific Games Corp will post ($2.23) EPS for the current year.
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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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