Odd behaviour, should I watch out?

What does he really want from me?

This guy I had a past with but found out to be a player, is back in my life. He was with 2 girls over the summer, dating one of them by showering both of them with texts, presents, attention and touching them but then cheating on her after she moved away for school in less than a week , while sending her more gifts. He’s been talking to me off and on but now, months later, he talks to me everyday. He initiates it all by either texts or online conversation. I’ve also hung out with him a few times.

What I dont understand is why he is doing this? He doesnt hold hands with me or show pda like he did with his girlfriend, but he also cheated on her which leads me to believe he didnt really truly care about her. He talks provactively with me and also subtly touches me, but I dont think he wants to be with me.

Why is he talking to me and doing all these things if he hasnt asked me to be in a relationship? I feel inferior to how he treated his last girlfriend, but should I?