Why PlayStudios (MYPS) Stock Is Trading Up Today
Stock Story
Published Mar 12, 2024 12:47PM ET
Updated Mar 12, 2024 01:02PM ET
Why PlayStudios (MYPS) Stock Is Trading Up Today
What Happened: Shares of digital casino game platform PlayStudios (NASDAQ:MYPS) jumped 7.7% in the morning session after the company reported fourth quarter results with revenue and adjusted EBITDA outperforming Wall Street's estimates. On the other hand, its revenue growth regrettably slowed. The topline benefitted from strength in the advertising segment, more than offsetting the "contraction in the mobile games industry." Monetization also improved, with average revenue per daily active users up 3%, coming in well ahead of expectations.
Moving on, guidance seemed fine even though it wasn't too exciting, with full year revenue and adjusted EBITDA guidance relatively in line with expectations. Zooming out, this was still a decent, albeit mixed, quarter, showing that the company is staying on track.
Is now the time to buy PlayStudios? Find out by reading the original article on StockStory.
What is the market telling us: PlayStudios's shares are not very volatile than the market average and over the last year have had only 19 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
PlayStudios is down 10.9% since the beginning of the year, and at $2.32 per share it is trading 53.1% below its 52-week high of $4.96 from July 2023.
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Written By: Stock Story
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