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But despite strong quarterly results, the stock declined 3.3% after the release. In fact, with this decline, the stock is currently trading below its 50-day moving average of $43.59.
Despite an impressive recovery in its business, PLAY has yet to regain its pre-pandemic level of operations. Furthermore, while PLAY had approximately 76% of its total stores open for business at the beginning of the first quarter, its revenues were 27% lower than its pre-COVID 2019 levels. Though PLAY is currently operating at 100% capacity, its relatively slow recovery rate raises questions regarding the company’s current standing in the highly competitive industry.
