NEW YORK (TheStreet) -- Shares of International Gaming Technology (IGT) are surging, up 12.71% to $14.10, this afternoon on heavy trading volume following a report the company is considering a sale, according to Reuters.
The company, which designs, develops, manufacturers, and markets gaming equipment for casinos, is said to be exploring a sale as the gaming industry is looking to consolide to battle slowing growth.
International Gaming is researching prospective buyers as the company's stock lost 31% of its value as a result of slow fundamentals in the gaming industry, Reuters noted.
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Separately, TheStreet Ratings team rates INTL GAME TECHNOLOGY as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTL GAME TECHNOLOGY (IGT) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow."