PLAYSTUDIOS (NASDAQ:MYPS) Rating Increased to Speculative Buy at Benchmark

Benchmark upgraded shares of PLAYSTUDIOS (NASDAQ:MYPS - Free Report) from a hold rating to a speculative buy rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. Benchmark currently has $2.00 price target on the stock.

Separately, Macquarie lowered their target price on PLAYSTUDIOS from $2.00 to $1.50 and set a "neutral" rating for the company in a report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $2.60.

PLAYSTUDIOS Price Performance

Shares of MYPS stock traded up $0.10 on Tuesday, hitting $1.54. 386,791 shares of the stock traded hands, compared to its average volume of 217,329. The company's fifty day moving average is $1.31 and its 200 day moving average is $1.62. PLAYSTUDIOS has a 1-year low of $1.14 and a 1-year high of $2.55. The company has a market capitalization of $205.54 million, a PE ratio of -8.11, a PEG ratio of 17.60 and a beta of 0.89.

PLAYSTUDIOS (NASDAQ:MYPS - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.02) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.02). PLAYSTUDIOS had a negative net margin of 8.75% and a negative return on equity of 9.15%. The company had revenue of $62.71 million for the quarter, compared to analysts' expectations of $64.45 million. As a group, equities research analysts expect that PLAYSTUDIOS will post -0.17 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Scott Edward Peterson sold 29,601 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $1.26, for a total value of $37,297.26. Following the completion of the transaction, the chief financial officer now owns 504,397 shares of the company's stock, valued at approximately $635,540.22. This represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 14.29% of the stock is owned by insiders.

Hedge Funds Weigh In On PLAYSTUDIOS

A number of institutional investors and hedge funds have recently bought and sold shares of MYPS. Connor Clark & Lunn Investment Management Ltd. lifted its position in PLAYSTUDIOS by 0.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 713,907 shares of the company's stock worth $1,328,000 after purchasing an additional 6,281 shares during the period. ProShare Advisors LLC lifted its holdings in shares of PLAYSTUDIOS by 49.1% in the fourth quarter. ProShare Advisors LLC now owns 24,793 shares of the company's stock valued at $46,000 after buying an additional 8,159 shares during the period. SG Americas Securities LLC boosted its stake in PLAYSTUDIOS by 26.7% during the fourth quarter. SG Americas Securities LLC now owns 38,828 shares of the company's stock valued at $72,000 after buying an additional 8,179 shares in the last quarter. Williams & Novak LLC raised its position in PLAYSTUDIOS by 26.9% in the fourth quarter. Williams & Novak LLC now owns 45,300 shares of the company's stock worth $84,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of PLAYSTUDIOS by 34.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 39,525 shares of the company's stock worth $74,000 after purchasing an additional 10,130 shares during the last quarter. Institutional investors own 37.52% of the company's stock.

About PLAYSTUDIOS

PLAYSTUDIOS, Inc develops and publishes free-to-play casual games for mobile and social platforms in the United States and internationally. The company's game portfolio includes a diverse range of titles comprising social casino, card, puzzle, and adventure games. It also offers POP! Slots, myVEGAS Slots, my KONAMI Slots, MGM Slots Live, myVEGAS Blackjack, myVEGAS Bingo, Tetris, Solitaire, Spider Solitaire, Jumbline 2, Sudoku, and Mahjong games.