Shares of PLBY Group (NASDAQ: PLBY) , which bills itself as a "pleasure and leisure" company (though it is probably best known as the owner of the Playboy brand), dropped as much as 14% in early trading on Tuesday. As of 12:47. p.m. EDT, that loss had been pared to around 10.3%, but the mood here is clearly negative.
The easy answer to the question of what drove the stock's decline is that investors have soured on technology-related names of late. While PLBY Group might not, at first, sound like a technology stock, it made a big splash earlier this year when it announced plans to jump into the non-fungible token (NFT) space by partnering with artists who would use its massive content catalog to create NFTs for public sale. That helped push the stock materially higher. In fact, even after Tuesday morning's drop, the shares are up some 250% since PLBY came public in February via a blank check company .
Against that backdrop, it's not as shocking to find that the mood shift around technology names might be dragging on PLBY Group.
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Why PLBY Group Stock Sank as Much as 14% Today