PLAYSTUDIOS (NASDAQ:MYPS) Announces Earnings Results, Misses Estimates By $0.06 EPS

PLAYSTUDIOS (NASDAQ:MYPS) released its earnings results on Monday. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.06), FiscalAI reports. PLAYSTUDIOS had a negative net margin of 15.79% and a negative return on equity of 14.38%. The company had revenue of $54.99 million for the quarter, compared to analysts’ expectations of $57.05 million.

PLAYSTUDIOS Price Performance

Shares of NASDAQ:MYPS traded down $0.02 during trading on Wednesday, hitting $0.61. 2,964 shares of the company’s stock were exchanged, compared to its average volume of 574,900. The business’s 50-day simple moving average is $0.62 and its 200 day simple moving average is $0.54. The company has a market cap of $78.04 million, a price-to-earnings ratio of -2.17 and a beta of 0.94. PLAYSTUDIOS has a 52-week low of $0.40 and a 52-week high of $1.08.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wall Street Zen raised PLAYSTUDIOS from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings raised shares of PLAYSTUDIOS from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $1.25.

Institutional Investors Weigh In On PLAYSTUDIOS

Institutional investors have recently added to or reduced their stakes in the stock. Orion Porfolio Solutions LLC purchased a new position in shares of PLAYSTUDIOS in the third quarter worth $30,000. Franklin Resources Inc. purchased a new position in PLAYSTUDIOS during the third quarter valued at $46,000. Verdad Advisers LP bought a new stake in PLAYSTUDIOS in the 4th quarter valued at $48,000. Deutsche Bank AG bought a new stake in PLAYSTUDIOS in the 4th quarter valued at $61,000. Finally, Wells Fargo & Company MN lifted its stake in PLAYSTUDIOS by 46.2% in the 4th quarter. Wells Fargo & Company MN now owns 100,224 shares of the company’s stock worth $65,000 after purchasing an additional 31,685 shares in the last quarter. 37.52% of the stock is owned by hedge funds and other institutional investors.

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.