PLAYSTUDIOS (NASDAQ:MYPS) Issues Earnings Results

Key Points

• PLAYSTUDIOS missed quarterly expectations: The company reported an adjusted loss of $0.10 per share, $0.06 worse than analysts’ estimates, while revenue of $54.99 million fell short of the $57.05 million consensus.
• Shares declined 4.2% to $0.64 following the results. PLAYSTUDIOS remains unprofitable, with a negative 15.79% net margin and 14.38% return on equity.
• Analysts maintain a consensus “Hold” rating and an average price target of $1.25; institutional investors own 37.52% of the company’s stock.

PLAYSTUDIOS (NASDAQ:MYPS - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06), FiscalAI reports. The company had revenue of $54.99 million for the quarter, compared to the consensus estimate of $57.05 million. PLAYSTUDIOS had a negative return on equity of 14.38% and a negative net margin of 15.79%.

PLAYSTUDIOS Stock Down 4.2%

NASDAQ:MYPS traded down $0.03 during trading hours on Tuesday, reaching $0.64. 109,531 shares of the company's stock were exchanged, compared to its average volume of 575,434. The business's 50-day simple moving average is $0.62 and its two-hundred day simple moving average is $0.54. PLAYSTUDIOS has a 12 month low of $0.40 and a 12 month high of $1.08. The company has a market capitalization of $82.40 million, a P/E ratio of -2.31 and a beta of 0.94.

Hedge Funds Weigh In On PLAYSTUDIOS

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYPS. Orion Porfolio Solutions LLC acquired a new position in shares of PLAYSTUDIOS in the third quarter valued at approximately $30,000. Franklin Resources Inc. bought a new position in shares of PLAYSTUDIOS in the 3rd quarter worth about $46,000. Verdad Advisers LP acquired a new stake in shares of PLAYSTUDIOS during the 4th quarter worth approximately $48,000. Deutsche Bank AG bought a new stake in PLAYSTUDIOS in the fourth quarter valued at $61,000. Finally, Wells Fargo & Company MN boosted its holdings in PLAYSTUDIOS by 46.2% in the fourth quarter. Wells Fargo & Company MN now owns 100,224 shares of the company's stock worth $65,000 after acquiring an additional 31,685 shares in the last quarter. 37.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings upgraded PLAYSTUDIOS from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 5th. Wall Street Zen raised shares of PLAYSTUDIOS from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, PLAYSTUDIOS currently has a consensus rating of "Hold" and an average target price of $1.25.

About PLAYSTUDIOS

PLAYSTUDIOS, traded on NASDAQ as MYPS, is a digital entertainment company that develops free-to-play mobile and social casino games. Its flagship titles include POP! Slots, myVEGAS Slots and my KONAMI Slots, which combine classic casino mechanics with branded content and a proprietary loyalty program. Through the MyPLAY system, players earn virtual currency and loyalty points redeemable for real-world rewards, including hotel stays, dining and entertainment vouchers at partner venues.

Founded in 2011 and headquartered in Las Vegas, Nevada, PLAYSTUDIOS was co-founded by industry veteran Andrew Pascal, who serves as its Chief Executive Officer.

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