PLAYSTUDIOS (NASDAQ:MYPS) Share Price Breaks Above 50-Day Moving Average on Disappointing Earnings

Shares of PLAYSTUDIOS, Inc. (NASDAQ:MYPS) crossed above its 50-day moving average during trading on Thursday after the company announced better than expected quarterly earnings. The stock has a 50-day moving average of $4.57 and traded as high as $4.72. PLAYSTUDIOS shares last traded at $4.68, with a volume of 52,655 shares.

The company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.63). The firm had revenue of $48.92 million during the quarter, compared to the consensus estimate of $54.19 million. PLAYSTUDIOS had a negative return on equity of 19.61% and a negative net margin of 20.65%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of PLAYSTUDIOS to a “hold” rating in a research report on Saturday, October 17th. Weiss Ratings cut shares of PLAYSTUDIOS from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 26th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.00.

Hedge Funds Weigh In On PLAYSTUDIOS

A number of hedge funds have recently modified their holdings of MYPS. StoneX Group Inc. purchased a new stake in shares of PLAYSTUDIOS during the third quarter valued at $27,000. Marquette Asset Management LLC purchased a new position in PLAYSTUDIOS in the 2nd quarter worth about $203,000. Finally, Stoic Point Capital Management LLC purchased a new position in PLAYSTUDIOS in the 1st quarter worth about $405,000. 37.52% of the stock is currently owned by institutional investors and hedge funds.

PLAYSTUDIOS Stock Performance

The stock has a 50 day moving average of $4.57 and a two-hundred day moving average of $5.18. The stock has a market cap of $56.21 million, a PE ratio of -1.30 and a beta of 1.01.

About PLAYSTUDIOS

PLAYSTUDIOS, Inc is a developer and publisher of free-to-play casual and social casino-style mobile games. The company combines digital gaming with a loyalty-rewards model, allowing players to earn points through gameplay and redeem them for offers and experiences from hospitality, travel, entertainment and other consumer brands.

Its portfolio includes titles such as myVEGAS Slots, myKONAMI Slots, POP! Slots and MGM Slots Live. PLAYSTUDIOS distributes its games through major mobile and online platforms and serves players internationally, with its products available across multiple geographic markets.

The company was founded in 2011 by Andrew Pascal, who serves as chief executive officer.