PLAYSTUDIOS (NASDAQ:MYPS) Shares Down 5.8% - Time to Sell?

Key Points

• PLAYSTUDIOS shares fell 5.8% to about $0.49 in mid-day trading, while volume was roughly 50% below the average.
• Analysts have a consensus “Hold” rating and a $1.25 target price, although ratings range from Buy to Sell.
• The company recently missed quarterly expectations, reporting a $0.10 loss per share versus a $0.04 expected loss and revenue of $54.99 million versus $57.05 million expected; it also posted negative margins and return on equity.

PLAYSTUDIOS, Inc. (NASDAQ:MYPS - Get Free Report)'s share price dropped 5.8% during mid-day trading on Tuesday . The company traded as low as $0.4902 and last traded at $0.49. 156,480 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 312,662 shares. The stock had previously closed at $0.52.

Wall Street Analysts Forecast Growth

MYPS has been the subject of several recent analyst reports. Weiss Ratings raised shares of PLAYSTUDIOS from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, September 2nd. Wall Street Zen upgraded shares of PLAYSTUDIOS from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $1.25.

PLAYSTUDIOS Price Performance

The company has a 50 day moving average of $0.62 and a 200-day moving average of $0.53. The company has a market cap of $58.86 million, a P/E ratio of -1.36 and a beta of 0.96.

PLAYSTUDIOS (NASDAQ:MYPS - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). The business had revenue of $54.99 million during the quarter, compared to the consensus estimate of $57.05 million. PLAYSTUDIOS had a negative return on equity of 19.61% and a negative net margin of 20.65%.

Institutional Investors Weigh In On PLAYSTUDIOS

Institutional investors and hedge funds have recently bought and sold shares of the stock. Williams & Novak LLC grew its stake in PLAYSTUDIOS by 27.2% in the 4th quarter. Williams & Novak LLC now owns 104,900 shares of the company's stock worth $68,000 after buying an additional 22,450 shares in the last quarter. Orion Porfolio Solutions LLC purchased a new stake in shares of PLAYSTUDIOS during the 3rd quarter valued at $30,000. Wells Fargo & Company MN lifted its holdings in shares of PLAYSTUDIOS by 46.2% during the 4th 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 during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of PLAYSTUDIOS by 4.5% during the 4th quarter. Mackenzie Financial Corp now owns 863,536 shares of the company's stock worth $565,000 after acquiring an additional 36,905 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of PLAYSTUDIOS by 7.2% during the 4th quarter. Renaissance Technologies LLC now owns 596,170 shares of the company's stock worth $388,000 after acquiring an additional 40,200 shares during the last quarter. 37.52% of the stock is owned by hedge funds and other institutional investors.

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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