888 Holdings PLC is one of the biggest online gaming solutions providers in the world. 888 is headquartered in Gibraltar but is licensed in many countries including the UK, Spain, Ireland, Romania, Denmark and some of the states in the US, like Nevada, New Jersey and Delaware.
The company was founded in 1997 and since then has actively focused on innovation and differentiating itself from the rest of the market. Some of the online products offered by the company include poker, bingo and casino games.
Unfortunately, not everything has been going well for the company this year.
On Wednesday, it hit a new 52-week low, when the stock price dropped to $2.89, reports the Norwegian Casinopånett.eu. With outstanding shares of 583,134, it put 888’s valuation at $1,685,257.
This comes as a surprise considering the analysts have been issuing ‘buy’ ratings on 888 throughout the year. Specifically, three research analysts gave the stocks a ‘buy’ rating while two more gave it a ‘hold’ rating.
On April 23rd, Peel Hunt issued a price objective of $4.08 on the company’s stock as it gave it a ‘buy’ rating. Canaccord Genuity gave 888’s stock a ‘buy’ rating as well but reduced the price objective from $4.21 to $4.06. JPMorgan Chase & Co. issued an ‘overweight’ rating on the company’s shares.
Background On 888 Holdings PLC
The company was founded in 1977 in the British Virgin Islands. At first, it registered as a Virtual Holdings Company. The operations and management along with the staff of the company were all based in Antigua, where the company’s subsidiary obtained a separate license. The first product of the company – Casino-on-Net was launched the same year. Since then, 888 has grown to become one of the largest online gaming solutions providers in the world, with multiple subsidiaries and countless business partners.
“888 strives to supply its customers with an innovative and market-leading online gaming product, above all in a safe and secure environment. 888 leverages its core values of innovation and customer service leadership to ensure it delivers the most enjoyable gaming experience possible every time. This experience is underpinned by 888’s own proprietary gaming technology and associated platforms as well as core competencies in analytics, marketing leadership and CRM,” – reads the company’s mission statement.
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