By Sam Boughedda
Investing.com — Plby Group Inc (NASDAQ:PLBY) shares jumped 25% Tuesday following the company's third-quarter earnings and a price target increase from Loop Capital.
The media and lifestyle company reported a revenue beat after the bell on Monday.
Ben Kohln, CEO of the company, said he was "thrilled to report another successful quarter with a 67% increase in revenue, compared to the prior year, driven by strength in both direct-to-consumer and licensing."
Loop Capital analyst Daniel Adam was encouraged by the report, raising the price target on the stock to $50 from $29.
Adam stated that he had not previously included the contribution from NFTs in his model. However, the analyst stated that news PLBY sold out of its $9 million Rabbitars within a few hours of launching is a "testament to the massive opportunity" for PLBY in the NFT pace.
In contrast, Canaccord Genuity analyst Austin Moldow reduced the price target on PLBY to $47 from $48 to account for supply chain disruptions during the holiday season. Moldow reiterated a buy rating on the shares.