PLAYSTUDIOS, Inc. (NASDAQ:MYPS) Sees Surge in Short Interest

PLAYSTUDIOS, Inc. (NASDAQ:MYPS) experienced a notable rise in short interest during January. As of January 31st, the total short interest reached 582,200 shares, reflecting a 14.7% increase compared to the 507,800 shares shorted on January 15th. With an average daily trading volume of 220,500 shares, the current days-to-cover ratio stands at 2.6 days. Approximately 0.7% of the company’s shares are currently sold short.

PLAYSTUDIOS Stock Performance

On Friday, PLAYSTUDIOS stock (MYPS) decreased by 1.7%, dropping $0.03 to a price of $1.78. In total, 74,879 shares changed hands, which is below the average volume of 147,227 shares. The fifty-day simple moving average for the stock is $1.88, while its two-hundred-day simple moving average is $1.69. Over the last year, the stock reached a low of $1.20 and a high of $3.04. The market capitalization stands at approximately $221.93 million, with a PE ratio of -9.37 and a P/E/G ratio of 17.70, while its beta is 0.80.

Insider Transactions

In recent news regarding insider trading, CFO Scott Edward Peterson sold 25,000 shares on November 18th. The average sale price was $1.74, leading to a total transaction value of $43,500. After this sale, Peterson retains 558,998 shares valued at around $972,656.52, marking a 4.28% decrease in his holdings. Insider ownership currently represents 14.29% of the company’s stock.

Institutional Investor Activity

Several institutional investors have adjusted their stakes in PLAYSTUDIOS recently. Proficio Capital Partners LLC initiated a position valued at approximately $26,000 during the fourth quarter. Tower Research Capital LLC TRC significantly increased its holdings by 248.4%, owning 15,760 shares valued at $29,000 after adding 11,237 shares. Similarly, Virtu Financial LLC entered into a new investment during the third quarter valued at around $32,000. O Shaughnessy Asset Management LLC and XTX Topco Ltd also purchased new positions in the fourth quarter worth about $33,000 and $34,000, respectively. Currently, 37.52% of the shares are held by hedge funds and other institutional investors.

Analyst Opinions

MYPS has attracted the attention of various analysts. In a research note dated January 22nd, Macquarie downgraded PLAYSTUDIOS from a "strong-buy" to a "hold" rating. Meanwhile, JPMorgan Chase & Co. reasserted an "underweight" rating in a note on December 18th. Among analysts, one rated the stock as a sell, three provided a hold rating, and two assigned a buy rating. According to MarketBeat data, PLAYSTUDIOS currently holds a consensus rating of "Hold" with an average price target set at $3.63.

About PLAYSTUDIOS

PLAYSTUDIOS, Inc. specializes in the development and publication of free-to-play casual games for both mobile and social platforms, serving markets in the United States and globally. Their game portfolio encompasses a wide array of genres including social casino, card, puzzle, and adventure games. Popular titles include offerings like POP! Slots, myVEGAS Slots, my KONAMI Slots, MGM Slots Live, and various others.

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