Why Is Playboy (PLBY) Stock Being So Naughty Today?

Shares of Plby Group Inc PLBY, a company associated with the Playboy brand, rose over 24% in the regular and after-hours sessions on Monday.

The pleasure and leisure company’s shares rose 19% to a high of $27.94 on an intra-day basis on Monday before closing one cent lower.

The shares rose another 4.73% in the after-hours session to $29.25. Since the beginning of the year, PLBY shares have risen 165.7%.

The surge comes with no company-specific news in sight but high buzz on social media amid speculations over PLBY being a possible non-fungible token play and an analyst upgrade.

PLBY CEO Ben Kohn said in March that Playboy has a 68-year old archive of content that could be valuable in the NFT space.

Kohn revealed at the time that the company was spending a lot of time on the NFT space as a team.

See Also: Playboy NFTs Could Be Coming Soon

Last week, PLBY shares had moved higher after Canaccord Genuity initiated coverage on the stock with a Buy rating and a $28 price target. 

Playboy Enterprises Inc went public through a merger with the special purpose acquisition company Mountain Crest Acquisition Corp in October after being privately held since 2011 when Hugh Hefner bought the company for $207 million.