Investors Sell Activision Blizzard, Inc (ATVI) on Strength on Disappointing Earnings

Traders sold shares of Activision Blizzard, Inc (NASDAQ:ATVI) on strength during trading on Friday following a weaker than expected earnings announcement. $442.26 million flowed into the stock on the tick-up and $469.13 million flowed out of the stock on the tick-down, for a money net flow of $26.87 million out of the stock. Of all companies tracked, Activision Blizzard had the 0th highest net out-flow for the day. Activision Blizzard traded up $7.50 for the day and closed at $47.23The company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.19. Activision Blizzard had a return on equity of 16.70% and a net margin of 13.86%. The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business’s quarterly revenue was up 81.2% on a year-over-year basis.

A number of research analysts have recently weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $53.00 price objective (up from $45.00) on shares of Activision Blizzard in a research report on Friday. Vetr cut Activision Blizzard from a “strong-buy” rating to a “hold” rating and set a $47.83 price objective on the stock. in a research report on Monday. Hilliard Lyons cut Activision Blizzard from a “buy” rating to an “underperform” rating in a research report on Monday. Robert W. Baird reaffirmed an “outperform” rating on shares of Activision Blizzard in a research report on Friday. Finally, Barclays PLC set a $44.00 price objective on Activision Blizzard and gave the company a “buy” rating in a research report on Thursday, December 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $47.95.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the business’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $40.09, for a total transaction of $792,218.49. Following the completion of the transaction, the chief executive officer now owns 69,583 shares in the company, valued at approximately $2,789,582.47. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 25.23% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of ATVI. Lone Pine Capital LLC acquired a new position in Activision Blizzard during the second quarter worth about $407,916,000. Ameriprise Financial Inc. boosted its position in Activision Blizzard by 45.0% in the second quarter. Ameriprise Financial Inc. now owns 30,276,592 shares of the company’s stock worth $1,199,862,000 after buying an additional 9,390,129 shares during the last quarter. Capital World Investors acquired a new position in Activision Blizzard during the third quarter worth about $334,624,000. Davis Selected Advisers acquired a new position in Activision Blizzard during the second quarter worth about $278,503,000. Finally, UBS Asset Management Americas Inc. boosted its position in Activision Blizzard by 196.8% in the third quarter. UBS Asset Management Americas Inc. now owns 5,664,267 shares of the company’s stock worth $250,926,000 after buying an additional 3,755,685 shares during the last quarter. Institutional investors own 86.29% of the company’s stock.

The stock’s 50-day moving average price is $38.93 and its 200-day moving average price is $40.57. The firm has a market capitalization of $34.11 billion, a P/E ratio of 35.82 and a beta of 1.03.

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About Activision Blizzard

Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.

5 Day Chart for NASDAQ:ATVI

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