Playstudios: Beaten Down SPAC Deal
- Playstudios is one of the few SPAC deals to see substantial share redemptions.
- The stock has fallen to $6.60 despite strong growth and analyst price targets reaching up to $15.00.
- Playstudios trades at an attractive ~2x '22 EV/S targets.
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A whole list of companies completing SPAC deals are trading at prices below the $10 redemption price. Playstudios (MYPS) is another prime example with the stock collapsing following the closing of the SPAC deal last month. My investment thesis is bullish on the stock after the market negatively reacted to a large amount of investors redeeming shares at $10 despite voting for the deal.
Read the full article on Seeking Alpha.
Disclosure: No position mentioned. Please review the disclaimer page for more details.
Update - July 27
Playstudios hit a de-spac low below $6. The stock is still searching for the lows.