Mattel, Inc. ( MAT Quick Quote MAT - Free Report) is creating a new method to converge innovation and artistry in the toy space. To this end, the company announced the launch of Non-Fungible Token (“NFT”) series comprising Hot Wheels cars — the Twin Mill, Bone Shaker and Deora II. NFT is a type of digital asset designed to track ownership of a virtual item (such as online pictures and videos) using blockchain technology. By entering into this zone, Mattel is likely to expand across this emerging art space and advance the digital collector offering. Richard Dickson, president and chief operating officer, Mattel, stated, “Connecting to culture is core to Mattel’s DNA, and as we continually look to innovate, evolving physical product to digital art through NFTs was an obvious next step for Mattel Creations.” Notably, the company intends to auction three unique NFTs through the Mattel Creations platform, starting from Jun 22 to Jun 29. Moreover, the initiative will enable customers to transact with cryptocurrency exclusively with Ethereum. Given the expansive collaborations of Mattel Creations with artists, designers and pop culture influencers, the company intends to remix Mattel’s iconic toys into entirely new and inspired designs. Nonetheless, the company plans to launch NFT creations for its other toy brands through its direct-to-consumer platform, going forward. Price Performance Image Source: Zacks Investment Research
Shares of the company have gained 10.8% so far this year, against the
industry’s 3.1% decline. The outperformance was primarily attributed to product innovation, marketing partnerships, promotional initiatives and digital efforts. Moreover, the company’s initiative to simplify its organization structure as well as optimize processes and supply chain to generate savings across operations bodes well. Nonetheless, earning estimates for 2021 have increased in the past 60 days, which reflects analysts’ optimism on the company’s growth prospect. Zacks Rank & Other Key Picks
Mattel currently has a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Some other top-ranked stocks in the Zacks Consumer Discretionary sector include OneWater Marine Inc. ( ONEW Quick Quote ONEW - Free Report) , Red Rock Resorts, Inc. ( RRR Quick Quote RRR - Free Report) and Boyd Gaming Corporation ( BYD Quick Quote BYD - Free Report) , each sporting a Zacks Rank #1. OneWater Marine has a trailing four-quarter earnings surprise of 224.1%, on average. 2021 earnings for Red Rock Resorts are expected to surge 102.8%. Boyd Gaming has a three-five-year earnings per share growth rate of 19.8%. Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year. Free: See Our Top Stock and 4 Runners Up >>