In addition to the non-derivative stock holdings, Peterson also has various derivative securities. These include restricted stock units and performance stock units, which collectively amount to 583,335 and 83,333 shares, respectively, upon vesting. Peterson also holds stock options and earnout shares, further diversifying his stake in the company.The transaction was reported in a Form 4 filing with the Securities and Exchange Commission on December 18, 2024. For comprehensive insider trading analysis and 11 additional key insights about PLAYSTUDIOS, access the full Pro Research Report available on InvestingPro. For comprehensive insider trading analysis and 11 additional key insights about PLAYSTUDIOS, access the full Pro Research Report available on InvestingPro.
Following the transaction, Peterson holds 533,998 shares indirectly through the Scott E Peterson Trust. Additionally, shares held by his spouse total 33,874, though Peterson disclaims beneficial ownership of these shares. With a market capitalization of $248 million and trading below InvestingPro's Fair Value estimate, PLAYSTUDIOS has shown strong momentum with positive returns over the past three months.
In addition to the non-derivative stock holdings, Peterson also has various derivative securities. These include restricted stock units and performance stock units, which collectively amount to 583,335 and 83,333 shares, respectively, upon vesting. Peterson also holds stock options and earnout shares, further diversifying his stake in the company.
The transaction was reported in a Form 4 filing with the Securities and Exchange Commission on December 18, 2024.
In other recent news, PlayStudios has reported mixed Q3 results, with revenues decreasing by 6% year-over-year to $71.2 million, while adjusted EBITDA increased by 8% to $14.6 million. Amid these developments, the company has launched a significant restructuring plan, which includes a 30% workforce reduction and the suspension of certain games, aiming to save between $25 million to $30 million annually. PlayStudios is also entering the sweepstakes casino market, with an initial offering planned for the first half of 2025.
Macquarie has reiterated its Outperform rating and a $3.00 price target for PlayStudios, adjusting its revenue forecasts for 2025 and 2026 downward, but slightly increasing EBITDA estimates. This reflects the anticipated benefits from the cost reduction program.
Furthermore, PlayStudios is actively seeking merger and acquisition opportunities, backed by over $100 million in net cash. The company has also restarted its share repurchase program, buying back nearly 10% of its stock this year. These recent developments indicate PlayStudios' strategic moves to navigate industry pressures and enhance performance.
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