PLAYSTUDIOS (NASDAQ:MYPS) Rating Increased to Hold at Zacks Research

PLAYSTUDIOS (NASDAQ:MYPS) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on MYPS. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PLAYSTUDIOS in a report on Monday, December 29th. Wall Street Zen downgraded PLAYSTUDIOS from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Benchmark lowered their price target on PLAYSTUDIOS from $2.00 to $1.50 and set a “speculative buy” rating for the company in a research report on Tuesday, November 4th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PLAYSTUDIOS presently has an average rating of “Hold” and a consensus price target of $2.00.

PLAYSTUDIOS Stock Down 5.1%

MYPS opened at $0.48 on Tuesday. The company has a market cap of $60.46 million, a P/E ratio of -1.65 and a beta of 0.92. The firm’s 50-day moving average price is $0.63 and its 200-day moving average price is $0.82. PLAYSTUDIOS has a 52-week low of $0.47 and a 52-week high of $1.90.

Institutional Investors Weigh In On PLAYSTUDIOS

Hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. acquired a new stake in PLAYSTUDIOS during the 2nd quarter worth about $1,287,000. Almitas Capital LLC acquired a new stake in PLAYSTUDIOS during the third quarter worth about $897,000. Ameriprise Financial Inc. grew its holdings in PLAYSTUDIOS by 35.2% during the second quarter. Ameriprise Financial Inc. now owns 3,342,348 shares of the company’s stock worth $4,378,000 after acquiring an additional 870,521 shares during the period. Mackenzie Financial Corp raised its position in PLAYSTUDIOS by 46.3% during the third quarter. Mackenzie Financial Corp now owns 826,631 shares of the company’s stock valued at $796,000 after acquiring an additional 261,518 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in PLAYSTUDIOS by 146.5% in the second quarter. Jane Street Group LLC now owns 394,720 shares of the company’s stock valued at $517,000 after acquiring an additional 234,602 shares during the period. 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.