On April 10, 2023 at 11:37:33 ET an unusually large $290.86K block of Put contracts in International Game Technology (IGT) was bought, with a strike price of $23.00 / share, expiring in 438 days (on June 21, 2024). Fintel tracks all large options trades, and the premium spent on this trade was 1.00 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in IGT options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 29.76% Upside

As of April 6, 2023, the average one-year price target for International Game Technology is $33.75. The forecasts range from a low of $25.15 to a high of $69.30. The average price target represents an increase of 29.76% from its latest reported closing price of $26.01.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for International Game Technology is $4,150MM, a decrease of 1.78%. The projected annual non-GAAP EPS is $1.49.

What is the Fund Sentiment?

There are 482 funds or institutions reporting positions in International Game Technology. This is an increase of 12 owner(s) or 2.55% in the last quarter. Average portfolio weight of all funds dedicated to IGT is 0.25%, a decrease of 9.27%. Total shares owned by institutions decreased in the last three months by 2.27% to 116,327K shares. The put/call ratio of IGT is 1.72, indicating a bearish outlook.

What are Large Shareholders Doing?

Massachusetts Financial Services holds 10,330K shares representing 5.17% ownership of the company. No change in the last quarter.

Lazard Asset Management holds 7,788K shares representing 3.90% ownership of the company. In it’s prior filing, the firm reported owning 9,946K shares, representing a decrease of 27.71%. The firm increased its portfolio allocation in IGT by 5.98% over the last quarter.

Boston Partners holds 7,025K shares representing 3.52% ownership of the company. In it’s prior filing, the firm reported owning 6,794K shares, representing an increase of 3.28%. The firm increased its portfolio allocation in IGT by 37.16% over the last quarter.

Bank of New York Mellon holds 6,662K shares representing 3.34% ownership of the company. In it’s prior filing, the firm reported owning 6,391K shares, representing an increase of 4.07%. The firm increased its portfolio allocation in IGT by 40.78% over the last quarter.

Neuberger Berman Group holds 3,970K shares representing 1.99% ownership of the company. In it’s prior filing, the firm reported owning 3,890K shares, representing an increase of 2.00%. The firm decreased its portfolio allocation in IGT by 99.93% over the last quarter.

International Game Technology Background Information
(This description is provided by the company.)

IGT is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, its solutions deliver unrivaled gaming experiences that engage players and drive growth. The Company has a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and creates value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees.

This article originally appeared on Fintel

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