PLAYSTUDIOS’s (MYPS) “Underweight” Rating Reaffirmed at JPMorgan Chase & Co.

PLAYSTUDIOS (NASDAQ:MYPS)‘s stock had its “underweight” rating reaffirmed by equities researchers at JPMorgan Chase & Co. in a note issued to investors on Wednesday, Marketbeat Ratings reports.

Separately, Stifel Nicolaus cut their price target on shares of PLAYSTUDIOS from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.63.

PLAYSTUDIOS Stock Performance

Shares of NASDAQ:MYPS opened at $2.10 on Wednesday. The stock has a fifty day simple moving average of $1.70 and a two-hundred day simple moving average of $1.79. PLAYSTUDIOS has a 12-month low of $1.20 and a 12-month high of $3.04. The stock has a market capitalization of $261.84 million, a price-to-earnings ratio of -11.05 and a beta of 0.82.

PLAYSTUDIOS (NASDAQ:MYPS) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. PLAYSTUDIOS had a negative return on equity of 9.15% and a negative net margin of 8.75%. The firm had revenue of $71.23 million during the quarter, compared to analyst estimates of $69.62 million. During the same quarter in the previous year, the firm earned $0.02 EPS. As a group, equities research analysts predict that PLAYSTUDIOS will post -0.16 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Scott Edward Peterson sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $1.50, for a total value of $37,500.00. Following the sale, the chief financial officer now owns 583,998 shares in the company, valued at approximately $875,997. This trade represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.29% of the stock is owned by insiders.

Hedge Funds Weigh In On PLAYSTUDIOS

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in shares of PLAYSTUDIOS by 6.0% in the second quarter. Bank of New York Mellon Corp now owns 494,667 shares of the company’s stock worth $1,024,000 after acquiring an additional 27,784 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of PLAYSTUDIOS during the 2nd quarter valued at about $132,000. Acadian Asset Management LLC increased its position in shares of PLAYSTUDIOS by 6.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,408,991 shares of the company’s stock valued at $2,914,000 after purchasing an additional 79,909 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of PLAYSTUDIOS by 152.0% in the 2nd quarter. American Century Companies Inc. now owns 272,204 shares of the company’s stock worth $563,000 after purchasing an additional 164,166 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of PLAYSTUDIOS by 21.5% in the second quarter. Renaissance Technologies LLC now owns 360,000 shares of the company’s stock worth $745,000 after buying an additional 63,800 shares during the last quarter. 37.52% of the stock is owned by institutional investors.

About PLAYSTUDIOS

PLAYSTUDIOS, Inc develops and publishes free-to-play casual games for mobile and social platforms in the United States and internationally. The company's game portfolio includes a diverse range of titles comprising social casino, card, puzzle, and adventure games. It also offers POP! Slots, myVEGAS Slots, my KONAMI Slots, MGM Slots Live, myVEGAS Blackjack, myVEGAS Bingo, Tetris, Solitaire, Spider Solitaire, Jumbline 2, Sudoku, and Mahjong games.