PLAYSTUDIOS (NASDAQ:MYPS) Stock Price Down 5.8% – Should You Sell?

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Weiss Ratings upgraded PLAYSTUDIOS from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Wall Street Zen upgraded shares of PLAYSTUDIOS from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $1.25.

PLAYSTUDIOS Stock Performance

The stock has a market cap of $58.71 million, a PE ratio of -1.36 and a beta of 0.96. The business has a 50-day moving average of $0.62 and a 200 day moving average of $0.53.

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

Hedge Funds Weigh In On PLAYSTUDIOS

Institutional investors have recently modified their holdings of the company. Almitas Capital LLC lifted its holdings in shares of PLAYSTUDIOS by 334.5% during the 4th quarter. Almitas Capital LLC now owns 4,047,346 shares of the company’s stock worth $2,637,000 after acquiring an additional 3,115,758 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of PLAYSTUDIOS in the second quarter worth approximately $1,287,000. Ameriprise Financial Inc. grew its holdings in PLAYSTUDIOS by 35.2% in the second quarter. Ameriprise Financial Inc. now owns 3,342,348 shares of the company’s stock valued at $4,378,000 after purchasing an additional 870,521 shares during the period. Stoic Point Capital Management LLC purchased a new stake in PLAYSTUDIOS in the first quarter valued at approximately $405,000. Finally, Marquette Asset Management LLC acquired a new position in PLAYSTUDIOS during the second quarter worth approximately $203,000. Institutional investors and hedge funds own 37.52% of the company’s stock.

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.