It's been a tough start to 2025 for ASX All Ords stock PlaySide Studios Ltd (ASX: PLY). Starting the new year at 41 cents apiece, shares in the video game developer were at 38 cents by Monday's close.
On the last check, they closed yesterday's session at 20.5 cents apiece. This came after a 40% drop on Wednesday that originated from PlaySide's H1 FY25 earnings.
But even as investors have exited en masse, some of the company's top names haven't been deterred, buying up shares instead. Let's take a deeper dive.
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Insiders nab up ASX All Ords stock
According to mandatory ASX disclosures filed on Thursday, three PlaySide insiders – two directors and the CEO – each bought large lines of PlaySide shares on January 30.
This was exactly one day after the brutal sell-off.
Director Aaron Pasias purchased 100,000 shares at 20 cents per share, bringing his total holding in the ASX All Ords stock to 66.35 million.
Fellow director Mark Goulopoulos went in even bigger, buying 150,000 PlaySide shares, lifting his stake to 66.45 million shares.
Meanwhile, CEO Gerry Sakkas also added 100,000 shares, bringing his total holding to 67.7 million shares in the company.
Collectively, Pasias, Goulopoulos, and Sakkas own roughly 49% of shares outstanding (200.5 million from 410.5 million) in the ASX All Ords stock.
Why did PlaySide shares sell-off?
The market, like Shakira's hips, doesn't lie. Share prices, on aggregate, reflect a business' fundamentals.
That said, PlaySide has faced several headwinds that have likely impacted the ASX All Ords stock.
In its half-year update, the company downgraded its revenue expectations for FY25. It cited a backlog in negotiations for work for hire contracts, leading to "project decisions being deferred later into the 2025 calendar year."
Revenues for the period were also down 21% compared to H1 FY23, with Original IP sales down 44% on the prior year.
To offset this, management has been making adjustments. These include a headcount reduction, delaying new publishing investments, and winding back the spending through a "reduction in discretionary overheads".
Management also said it has a "strong focus on development and investment" this year, looking to "a significant number of game launches in FY26 onward".
Investments include publishing the 'MOUSE: P.I For Hire' title, after a large social media request to do so.
It is also utilising IP from the Game of Thrones franchise in the launch of a "real time strategy game".
Time will tell if these will impact the ASX All Ords stock. It is still rated a buy from three analysts according to CommSec. There are no hold or sell ratings at the time of writing.
Foolish takeout
This ASX All Ords stock was sold off heavily earlier in the week, but that didn't stop several insiders from buying up shares.
Zooming out, the stock is now down nearly 72% in the past year following these latest price moves.
