Playtika (PLTK) Expands Portfolio With Innplay Labs Acquisition
Playtika Holding Corp. PLTK announced the acquisition of Innplay Labs, a mobile gaming studio in Israel and home to the highly rated ‘Animals & Coins’. This marks the company's second strategic acquisition this quarter, following the successful acquisition of Youda Games’ card game portfolio from Azerion in late August.
The acquisition of Innplay Labs further strengthens PLTK's mobile gaming portfolio. It presents a promising growth opportunity in the Luck Battle genre within PLTK's ecosystem. The company remains focused on delivering outstanding gaming experiences to players worldwide.
Focus on Expansion
Playtika has rallied 12.3% this year compared with the industry’s 11% rise. The leading player in the mobile gaming entertainment and technology market boasts a diverse portfolio of game titles. With a track record of optimizing high-growth potential IP such as 'Animals & Coins,' the company built a reputation for strategic acquisitions that benefit shareholders. The recent acquisition of Innplay Labs signifies the company's commitment to investing in Israel as a global technology and innovation hub.
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Recently, the company acquired Youda Games portfolio from Azerion Group N.V., including the social card-themed title Governor of Poker 3. The strategic move aligns with PLTK's incremental growth strategy. The company leverages its exceptional LiveOps expertise and proprietary technology to optimize and scale games, bolstering its market position in the industry.
The company has solid prospects, as is evident from the Zacks Consensus Estimate for 2023 earnings per share (EPS) of 86 cents, which indicates 24.6% year-over-year growth. It also has a long-term earnings growth rate of 10.1%. The stock currently holds a VGM Score of A, supported by Growth and Value score of A and Momentum Score of C.
Zacks Rank & Key Picks
Playtika currently carries a Zacks Rank #3 (Hold).
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