Shares of PLBY Group (NASDAQ: PLBY) , which describes itself as a pleasure and leisure company, fell as much as 15% in early trading today. The stock pared that loss to 11% by 10:30 a.m. EDT or so. There are conflicting trends here.
On April 6, PLBY Group announced that it was inking a partnership with Nifty Gateway, which operates a non-fungible token (NFT) exchange. The general idea is to use PLBY's historical content from Playboy magazine to create content in conjunction with outside artists that can then be sold as NFTs. The NFT space has been a pretty hot area of late, so investors were quick to bid up the stock on the news. Thus today's pullback isn't shocking given the previous day's gains. It's not unusual for investors to take profits after a large price spike.
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Why PLBY Group Fell 15% in the First Hour Today