5 Cheap Gaming Stocks to Buy Now

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In this article, we discuss the 5 cheap gaming stocks to buy now. If you want to read about some more cheap gaming stocks to buy now, go directly to 10 Cheap Gaming Stocks to Buy Now.

5. International Game Technology PLC (NYSE:IGT)

Number of Hedge Fund Holders: 29 

Share Price as of December 5: $25.04 

International Game Technology PLC (NYSE:IGT) operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. On October 12, International Game Technology said that its subsidiary, IGT Global Solutions, signed a seven-year extension with Georgia Lottery to deploy its world-class lottery and iLottery products and technology with the firm. The contract expansion will run through September 2032.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Antara Capital is a leading shareholder in International Game Technology PLC (NYSE:IGT) with 3 million shares worth more than $47.4 million. 

In its Q3 2022 investor letter, Palm Harbour Capital, an asset management firm, highlighted a few stocks and International Game Technology PLC (NYSE:IGT) was one of them. Here is what the fund said:

“The fifth largest detractor was International Game Technology PLC (NYSE:IGT), a world-leading operator of lotteries and gaming machines, which we introduced in our first quarter 2020 letter. The share price decreased by 8.3% losing 36 basis points for the fund. Management tightened full-year guidance to reflect currency movements and reconfirmed the operating income margin as fundamentals remain strong.

IGT also announced a $270 million settlement related to Double Down Interactive which was higher than the $150 million which the company set aside during the second quarter of 2022. Despite foreign exchange headwinds from the weaker euro, we are optimistic that they will continue to deliver and pay higher shareholder remuneration in the coming quarters as we believe the lottery business will remain robust even factoring in a recession.”

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