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The Warsaw Voice » Business » October 9, 2018
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Games developer in troubles
October 9, 2018   
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Listed games developer CD Projekt's recent stock performance correction might be the result of coinciding negative factors and investors' fears connected with the reception of the upcoming releases, a local analyst told PAP.
"We have some unfavorable news coinciding here," Tomasz Rodak from brokerage DM BOS said, pointing to the recent reduction of stake in the company by Swedbank Robur Fonder AB-controlled funds, a PLN 60 million payment demand from creator of the Witcher universum Andrzej Sapkowski, and the short position on CD Projekt's shares that appeared in the financial market watchdog KNF's register.
"Additionally, the company demonstrated the final version of the "Gwent" game and launched a public testing server via which players might play the game and submit their opinions on the [introduced] changes," Rodak observed.
"The first opinions on [the discussion website] Reddit were negative, and that might have disturbed the investors," he added, while stressing that such opinions may have come from players accustomed to the previous version of "Gwent" and thus ill-disposed towards any changes. In this particular case, time is an ally of CD Projekt as the players' attitude becomes more favorable while they keep discovering the new "Gwent", Rodak believes.
CD Projekt has also arrived to a "sensitive spot", when it is preparing to launch two new releases that are going to be "the first test" for the company since the extremely successful "The Witcher 3", Rodak said.
"These should hardly be viewed as premieres that will be capable of financing the current capitalization of the company; however, investors might fear that - should the company fail over one of the upcoming releases - the reception of the firm and expectations as to its further productions might deteriorate."
CD Projekt lost a hefty 9.05% during the last five trading days. On October 8, CD Projekt's shares were down 5.43%, while being the most heavily traded stock.
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