Why PLBY Group Stock Rocketed 16% at the Open Today

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Shares of “pleasure and leisure” company PLBY Group (NASDAQ: PLBY), which is the parent company of the iconic Playboy brand, rose 16% in early trading on Wednesday. The big news driving that move actually came out after the close on Tuesday, when the company reported earnings.  

PLBY Group IPOed via a blank check company in early February, so it hasn’t been a public company for very long. But its first earnings release did contain some upbeat news. Revenues rose by nearly 90% year over year in 2020’s fourth quarter. The company’s loss narrowed by $5.5 million, to a loss of $500,000.

There are always a lot of moving parts in a company’s first report after going public. And because the company wasn’t public during the quarter being reviewed, there are no per-share numbers to see. However, this report will provide something of a baseline for future comparisons, and, overall, it looks like investors were pleased.

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