Why PLBY Group Rose as Much as 26% in Trading Today
Shares of PLBY Group (NASDAQ: PLBY), which describes itself as a pleasure and leisure company but is probably best known as the owner of the Playboy magazine and related assets, rose a dramatic 26% at one point during early trading on April 12. By roughly 1 p.m. EDT, however, the stock had given much of that advance back, sitting with a gain of around 13%. The big news was that Wall Street research firm Hedgeye made a positive call on the stock.
The company was taken private many years ago. However, in February it was brought back into the public sphere via a blank check company (also known as a special purpose acquisition company) in February. Since then, the company has announced the acquisition of an omni-channel retailer and inked a deal with Nifty Gateway. The latter agreement, which allows PLBY Group to enter the nonfungible token (NFT) space with its older content, led to a big run up in the share price.
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Source Fool.com
