Short Interest in PLAYSTUDIOS, Inc. (NASDAQ:MYPS) Declines By 91.3%

Key Points

• Short interest in PLAYSTUDIOS (NASDAQ: MYPS) plunged 91.3% in June to 146,734 shares, leaving only about 0.1% of the float shorted.
• Shares rose 6.5% to $0.75 on Friday, trading above both the 50-day and 200-day moving averages, though the stock remains well below its 52-week high of $1.31.
• Analyst sentiment is mixed: the stock currently carries an average “Hold” rating with a $1.25 price target, while the latest quarterly results showed a wider-than-expected loss despite revenue beating estimates.

PLAYSTUDIOS, Inc. (NASDAQ:MYPS - Get Free Report) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totaling 146,734 shares, a drop of 91.3% from the June 15th total of 1,681,951 shares. Based on an average daily volume of 1,777,421 shares, the short-interest ratio is currently 0.1 days. Approximately 0.1% of the company's stock are short sold.

Institutional Investors Weigh In On PLAYSTUDIOS

Large investors have recently modified their holdings of the business. Orion Porfolio Solutions LLC acquired a new stake in PLAYSTUDIOS in the 3rd quarter worth approximately $30,000. Franklin Resources Inc. purchased a new stake in PLAYSTUDIOS during the 3rd quarter worth approximately $46,000. Verdad Advisers LP acquired a new position in PLAYSTUDIOS during the 4th quarter valued at approximately $48,000. Deutsche Bank AG acquired a new position in PLAYSTUDIOS during the 4th quarter valued at approximately $61,000. Finally, Wells Fargo & Company MN raised its holdings in shares of 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 buying an additional 31,685 shares during the last quarter. Hedge funds and other institutional investors own 37.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MYPS shares. Wall Street Zen raised shares of PLAYSTUDIOS from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th. Craig Hallum reiterated a "buy" rating and issued a $1.00 price target on shares of PLAYSTUDIOS in a report on Tuesday, March 17th. Weiss Ratings reissued a "sell (e+)" rating on shares of PLAYSTUDIOS in a research report on Wednesday, June 24th. Finally, Benchmark restated a "hold" rating on shares of PLAYSTUDIOS in a research note on Tuesday, March 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, PLAYSTUDIOS presently has an average rating of "Hold" and an average price target of $1.25.

PLAYSTUDIOS Trading Up 6.5%

Shares of MYPS stock traded up $0.05 during trading hours on Friday, reaching $0.75. 825,739 shares of the company's stock were exchanged, compared to its average volume of 615,600. The stock's 50 day moving average is $0.52 and its 200-day moving average is $0.53. The company has a market cap of $96.79 million, a price-to-earnings ratio of -2.69 and a beta of 0.96. PLAYSTUDIOS has a fifty-two week low of $0.40 and a fifty-two week high of $1.31.

PLAYSTUDIOS (NASDAQ:MYPS - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). PLAYSTUDIOS had a negative return on equity of 14.38% and a negative net margin of 15.79%.The business had revenue of $58.41 million during the quarter, compared to analyst estimates of $52.69 million.

PLAYSTUDIOS Company Profile

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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