Activision Blizzard (ATVI) Sets New 12-Month Low on Disappointing Earnings

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Activision Blizzard, Inc. (NASDAQ:ATVI) shares reached a new 52-week low on Friday following a dissappointing earnings announcement. The company traded as low as $53.50 and last traded at $56.47, with a volume of 1415909 shares trading hands. The stock had previously closed at $62.79.

The company reported $0.47 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.03). Activision Blizzard had a return on equity of 16.39% and a net margin of 6.96%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm earned $0.25 earnings per share. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year.

ATVI has been the subject of a number of recent research reports. BidaskClub cut shares of Activision Blizzard from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Piper Jaffray Companies boosted their target price on shares of Activision Blizzard to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, July 25th. Wedbush set a $81.00 target price on shares of Activision Blizzard and gave the company a “buy” rating in a research report on Thursday, July 26th. Needham & Company LLC boosted their target price on shares of Activision Blizzard from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Finally, Barclays reduced their target price on shares of Activision Blizzard from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Sunday, August 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Activision Blizzard has an average rating of “Buy” and a consensus price target of $78.03.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the company’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $68.70, for a total transaction of $1,357,580.70. Following the completion of the sale, the chief executive officer now owns 20,324 shares of the company’s stock, valued at $1,396,258.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.29% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ATVI. Livforsakringsbolaget Skandia Omsesidigt lifted its position in Activision Blizzard by 17.4% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 12,807 shares of the company’s stock worth $977,000 after purchasing an additional 1,900 shares during the period. State of Alaska Department of Revenue lifted its position in Activision Blizzard by 17.8% during the second quarter. State of Alaska Department of Revenue now owns 116,728 shares of the company’s stock worth $8,908,000 after purchasing an additional 17,675 shares during the period. Trust Co. of Vermont raised its stake in Activision Blizzard by 7.3% during the second quarter. Trust Co. of Vermont now owns 31,278 shares of the company’s stock worth $2,388,000 after acquiring an additional 2,133 shares in the last quarter. Xact Kapitalforvaltning AB raised its stake in Activision Blizzard by 3.8% during the second quarter. Xact Kapitalforvaltning AB now owns 159,450 shares of the company’s stock worth $12,169,000 after acquiring an additional 5,888 shares in the last quarter. Finally, Gofen & Glossberg LLC IL acquired a new position in Activision Blizzard during the second quarter worth about $905,000. 86.92% of the stock is owned by institutional investors and hedge funds.

The company has a quick ratio of 2.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $48.98 billion, a P/E ratio of 26.92, a PEG ratio of 1.71 and a beta of 1.11.

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About Activision Blizzard (NASDAQ:ATVI)

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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