Why PLBY Group Stock Is Hopping Higher Today

PLBY Group Inc PLBY is trading significantly higher Tuesday after the company announced it will acquire Honey Birdette.

What Happened: PLBY Group entered into a definitive agreement to acquire 100% of the equity of the luxury lingerie and lifestyle brand Honey Birdette for $333 million in cash and stock.

The transaction is expected to close in the third quarter of 2021. The acquisition of Honey Birdette will help to accelerate the growth of PLBY Group's apparel and sexual wellness businesses, as well as enhance product design capabilities.

Related Link: EXCLUSIVE: PLBY Group CEO Ben Kohn Talks Playboy Brand, M&A, Digital Transformation on 'Power Hour'

Price Action: PLBY Group has traded as high as $63.04 and as low as $11.02 since it went public in February.

At last check Tuesday, the stock was up 11.50% at $42.26.

Photo: Daniel Liporace from Flickr.