Evolution stays in the green, however, 888 Holdings, Playtech, Light & Wonder and Entain lose ground over 2 weeks! (Image by Pabitra Kaity at Pixabay.com)
A major factor in the iGaming sector is how the U.S. market is performing and how the government reacts to adverse data. Last week the U.S. posted mixed macroeconomic news last week after releasing FOMC meeting minutes, jobless claims and New Home Sales. The market dropped slightly on the news.
New home sales were the boost the market needed at the end of the week, as building permits were up, fixed mortgage rates were at their 5-month low and median house prices dropped 8.2% from the previous year. There are the looming U.S. debt ceiling talks that could bring down global markets if a comprise is not achieved in the next 6 days… hopefully, competent discussions will avert this from happening.
Adverse macroeconomic news has affected iGaming stocks that are not performing well, as investors cut their losses to seek better-performing investments. But there are several stocks that seem impervious to the bad news. This week’s report will look at how Playtech, Entain, 888 Holdings, Evolution and Light & Wonder have weathered the less-than-ideal news and where they may be headed as we enter the month of June.
Disclaimer: Please do not use these figures as your soul reason to invest in these companies. The information is purely to show online casino players how stable these companies are and the casino that operate under them are trustworthy. Always check real time prices and perform a financial assement of each company. In the meantime, you can also check back at the report from 2 weeks ago – iGaming Stocks Update Issue 9 2023.
Evolution (EVO) – NASDAQ Stockholm – SEK
Evolution has done a stellar job of holding up against negative economic news, inflation and regulatory updates. EVO appears resistant to any negative news or market fluctuations. The stock is up 35% since January and almost 4% since the last iGaming report. The company continues to roll out new games and sign strong partnerships throughout its regions and is going from strength to strength. The stock is trading at 1,425 SEK and close to 1,441 SEK, a two-year high, seeing resistance at 1,433 SEK.
- Current: 1,425.00 SEK
- 17 May: 1,361.80 SEK
- 14-Day Gain/Loss: +63.20 SEK (+4.64%)
- 2023 Market Open: 1,050.50 SEK
- Yearly Gain/Loss: +374.50 SEK
- Yearly (%) Movement: +35.67%
Entain PLC (ENT) – London Stock Exchange (LSE) – GBP
Earlier in May, ENT stated that their margins would drop and a cautious 2023 outlook was imminent because of regulatory headwinds. This statement didn’t cause a major fluctuation in share price but the U.S. macroeconomic data last week, caused the stock to drop almost 8%. Entain opened down at the time of writing, trading at 1,384.50 GBX, and may be headed to lower lows.
- Current: 1,384.50 GBX
- 17 May: 1,472.70 GBX
- 14-Day Gain/Loss: -88.20 GBX (-6.36%)
- 2023 Market Open: 1,350.50 GBX
- Yearly Gain/Loss: +34.00 GBX
- Yearly (%) Movement: +2.52%
Playtech (PTEC.L) – London Stock Exchange (LSE) – GBP
Playtech had a strong start at the beginning of May but has faltered since the last report, falling 1.6% in the last 2 weeks. While the company continues to expand its reach by extending or entering into new partnerships, the stock pushed through the support of 618 GBX, it has opened up today and is trading a 610 GBX. In the last two weeks, PTEC has also reached a year-to-date high of 640 GBX, so the roller coaster ride continues…
- Current: 610.00 GBX
- 17 May: 611.02 GBX
- 14-Day Gain/Loss: -1.02 GBX (-0.17%)
- 2023 Market Open: 536.00 GBX
- Yearly Gain/Loss: +74.00 GBX
- Yearly (%) Movement: +13.81%
Light & Wonder (LNW) – NASDAQ NYC – USD
LNW has acquired Grand Casino in Switzerland and has proposed to buy out the remaining 17k SciPlay shares in the last couple of weeks. The SciPlay deal would be worth 422m USD and finalise the takeover of the subsidiary of LNW. All this positive news has done nothing to move the price of Light & Wonder since the last report. The stock is currently trading at 60 USD and is seeing resistance at $62.20 USD and resistance at 59.18 USD.
- Current: $ 60.00
- 17 May: $ 62.43
- 14-Day Gain/Loss: -$ 2.43 (-4.05%)
- 2023 Market Open: $ 58.12
- Yearly Gain/Loss: +$ 1.88
- Yearly (%) Movement: +3.24%
888 Holdings (888.L) – London Stock Exchange (LSE) – GBP
888 Holdings is another iGaming stock that is susceptible to external economic news. The stock price has dropped almost 11% since the last report and is hitting new lows. It would appear that 888 is still not out of the woods after dropping 65% since last year. The stock is currently trading at 71 GBX and is seeing resistance at 73.75 GBX and resistance at 71.05 GBX. If 888 pushes through resistance it could reach the next level at 68 GBX.
- Current: 71.00 GBX
- 17 May: 80.70 GBX
- 14-Day Gain/Loss: -9.70 GBX (-13.66%)
- 2023 Market Open: 88.05 GBX
- Yearly Gain/Loss: -17.05 GBX
- Yearly (%) Movement: -19.37%
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