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Should I Buy Playboy Stock For NFTs?

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Hey everybody, Dave Bartosiak with Trending Stocks at Somewhere up in the sky, Hugh Heffner is smiling down on the stock market. The PLBY Group (PLBY - Free Report) , which touts itself as a leading pleasure and leisure lifestyle company, is back in hands of investors. Only this time, it’s not for the articles. You see, when the NFT or non-fungible tokens fad popped up on the scene, this group took center stage. If the NBA can sell a Top Shot of a Lebron flop, then certainly Playboy has a few assets it could tokenize. This potential helped the stock run up from the teens in March over $60 a couple months later, making it Miss May on everyone’s calendar. While the stock did reel in to the low $40s, it’s in the news again today.

The company commenced an underwritten public offering of 4 million shares of common stock, along with a 30-day option to purchase an addition 600,000 shares at the offering price. With somewhere around 33.8 million shares outstanding before the news, that gives a dilution of about 13%. PLBY shares gapped down to $47 on the open following the news but have since shot off the bottom to recover a good chunk of that move over $50. Let’s take a quick look at to see if this is a stock to buy on this dip.

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