Benchmark Downgrades PLAYSTUDIOS (NASDAQ:MYPS) to Hold

PLAYSTUDIOS (NASDAQ:MYPS) was downgraded by equities research analysts at Benchmark from a “speculative buy” rating to a “hold” rating in a note issued to investors on Tuesday.

MYPS has been the subject of several other research reports. Zacks Research raised PLAYSTUDIOS from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Weiss Ratings restated a “sell (e+)” rating on shares of PLAYSTUDIOS in a research note on Monday, December 29th. 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’s stock. Based on data from MarketBeat.com, PLAYSTUDIOS presently has a consensus rating of “Hold” and a consensus price target of $2.25.

PLAYSTUDIOS Stock Performance

NASDAQ MYPS opened at $0.50 on Tuesday. PLAYSTUDIOS has a twelve month low of $0.43 and a twelve month high of $1.69. The stock has a market cap of $63.05 million, a PE ratio of -1.72 and a beta of 0.95. The firm has a 50-day simple moving average of $0.55 and a 200 day simple moving average of $0.73.

Institutional Trading of PLAYSTUDIOS

Several hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC boosted its holdings in shares of PLAYSTUDIOS by 5,260.6% in the 1st quarter. NewEdge Advisors LLC now owns 134,015 shares of the company’s stock worth $170,000 after acquiring an additional 131,515 shares in the last quarter. Jane Street Group LLC acquired a new stake in PLAYSTUDIOS during the 1st quarter valued at $203,000. Los Angeles Capital Management LLC raised its position in PLAYSTUDIOS by 16.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 174,479 shares of the company’s stock valued at $229,000 after purchasing an additional 24,715 shares during the last quarter. JPMorgan Chase & Co. raised its position in PLAYSTUDIOS by 75.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 420,165 shares of the company’s stock valued at $550,000 after purchasing an additional 181,210 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in PLAYSTUDIOS in the second quarter worth $49,000. Institutional investors and hedge funds own 37.52% of the company’s stock.

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.