Initially, the company’s primary focus was on the manufacturing of slot machines that were intended for use on land. The company, however, shifted its focus from the development of offline slot games to the creation of online slot games as demand for online gambling increased. The software provider is the one who is responsible for popular video slot games like the Cleopatra slot machine and the Da Vinci Diamonds slot machine.
IGT was able to bring in a total of $2.64 billion in revenue in the year 2020 thanks, in large part, to the company’s presence in the realm of online gaming. Sadly, this demonstrates a downward trend when measured against the numbers from the years prior to this one. In point of fact, IGT’s revenue has not increased since 2016, when it reached a total of $4.3 billion, which was the last time it saw an increase. It would appear, however, that this has not prevented some of the most prestigious hedge funds in the world from investing in the gambling company.
As a result of the submission of the 13F forms, analysts were taken aback when they learned about several of the locations in which hedge funds had decided to invest their money. Even though there were investors who decided to put their money into well-known companies, many of the most successful hedge funds felt that International Game Technology PLC (IGT) was the superior choice. At the end of the first quarter of 2021, the portfolios of 37 different hedge funds contained IGT shares. That was an all-time high for IGT, as the company had never before logged such an impressive statistic in its history, making it a record that will never be broken. This event is a first for IGT, as the company has never before experienced such a significant increase in the volume of trading activity on the stock market.
Due to the fact that IGT is not even included on the list of the top 30 most well-known stocks, this development was not at all something that was expected. This is the conclusion that can be drawn when the names on the list after the Q1 rankings are taken into consideration. One of the activities that helped contribute to the significant shift in IGT’s position within the hedge fund industry was additional stock purchases made by some of IGT’s hedge fund managers. These stock purchases were one of the activities that contributed to the significant shift. For instance, thanks to Seth Wunder, Black-and-White Capital was able to make an investment in stock during the first quarter of the year 2021 that was valued at $14 million. In addition to this, Islet Management invested an additional 15.2 million dollars in stock in a separate transaction. In addition to that, these are the most significant members of the herd of bulls that had an effect.
In addition to this, IGT was able to observe companies such as Citadel Investment Group, Thames Capital Management, and 1060 Capital Management take new stock positions in IGT through their respective hedge funds. As a consequence of this, IGT was given a sentiment score of 90 percent, which indicates that investors who hold both bullish and held positions consider it to be one of the most popular stocks overall. In the previous year, there was interest in IGT from a total of only 25 different hedge funds. The number suggested that bullish positions were maintained, in addition to other positions that were held. This suggests that there has been a discernible rise in the number of hedge funds that have a bullish outlook on and are long positions in the stock in question. As a direct consequence of this, International Game Technology was one of the companies that everyone involved in the stock market was keeping a close eye on during the first three months of the year 2021.