Analyst Predicts Rapid Growth For Dolphin Entertainment With NFT Partnership Pacts

Dolphin Entertainment Inc. DLPN received a major thumbs-up from Maximum Group following the news of its partnership with the cryptocurrency exchange FTX to develop non-fungible tokens (NFTs) in the sports, entertaining, gaming/esports, lifestyle and nonprofit industries.

What Happened: Allen Klee, Maximum’s managing director and senior research analyst, reiterated a Buy rating for Dolphin and a $28 price target, based on the FTX news.

Klee observed that FTX’s 1 million users and $10 billion in average trading volume make it of the world’s largest cryptocurrency exchanges.

Klee also pointed to a second partnership that Dolphin announced with Hall of Fame Resort & Entertainment Co HOFV for a series of football-related NFTs to trade on FTX. Klee stated the Hall of Fame partnership “reinforces our view that Dolphin is well-positioned to be a leader in NFTs” and predicted increased vibrancy in Dolphin’s financial performance.

Related Link: Anthony Hopkins Film 'Zero Contact' To Premiere As NFT

What Else Happened: “These announcements support our view that the 'Dolphin 2.0' strategy of owning content and assets that the company can also market should accelerate overall growth and profitability,” Klee wrote.

Klee predicted Dolphin will experience more than 30% annual revenue growth and improving bottom-line performance in 2021 and 2022,” adding the company will profit via “accelerating results from the re-opening of the economy for its end markets, an increase in streaming content, and cross-selling opportunities.”

Dolphin launched its NFT creation and marketing division in March. Prior to becoming involved in the NFT sphere, the company produced digital series and ran a division dedicated to the production of family-friendly movies.

DLPN Trading Action: At last check Monday, Dolphin was trading at $12.63, up by 61.91%. The stock’s 52-week trading range spanned from a low of $3.04 to a high of $32.50.

Illustration: A M Hasan Nasim from Pixabay.