5 NFT Stocks to Buy According to Reddit

In this article, we discuss 5 NFT stocks to buy according to Reddit. If you want our detailed analysis of NFTs and these stocks, go directly to 10 NFT Stocks to Buy According to Reddit. 

5. PLBY Group, Inc. (NASDAQ:PLBY)

Number of Hedge Fund Holders: 15

PLBY Group, Inc. (NASDAQ:PLBY) is a California-based media and lifestyle company that was created to manage the Playboy Magazine and other relevant assets by Hugh Hefner in 1953. PLBY Group, Inc. (NASDAQ:PLBY) first ventured into the world of non-fungible tokens in the spring of 2021, when the company launched its first NFT collection called Liquid Summer, which sold out in under 3 minutes. 

PLBY Group, Inc. (NASDAQ:PLBY), on October 20, announced its newest NFT drop, named Playboy Rabbitars, a series that will contain 11,953 unique 3D rabbits as a homage to the brand’s iconic logo. This will help PLBY Group, Inc. (NASDAQ:PLBY) rebrand the Playboy Club, since the NFTs will give owners access to special events, merchandise, and exclusive artist collaborations.

On November 23, Chardan analyst Brian Dobson initiated coverage of PLBY Group, Inc. (NASDAQ:PLBY) with a Buy rating and a $49 price target.

Fortress Investment Group is the leading PLBY Group, Inc. (NASDAQ:PLBY) stakeholder as of Q3 2021, holding 2.1 million shares worth $49.9 million. Overall, 15 hedge funds reported owning stakes in PLBY Group, Inc. (NASDAQ:PLBY) in the third quarter, valued at $62.3 million.

Here is what Greystone Capital Management has to say about PLBY Group, Inc. (NASDAQ:PLBY) in their Q1 2021 investor letter:

“Mountain Crest Acquisition Corp. (MCAC) / Playboy Enterprises (PLBY)

During the quarter, we entered into a mid-sized position in Mountain Crest Acquisition Corp., a SPAC that during late last year inked a deal to merge with Playboy Enterprises (yes, that Playboy) and take the company public. The deal was consummated in February and shares now trade under the ticker symbol PLBY. In line with my occasional attempts to exploit investor biases, the stigma surrounding the Playboy brand especially as it relates to the legacy magazine business helped create the opportunity to purchase shares for what appears to be an incredibly favorable valuation. This is one situation where a SPAC IPO benefitted us greatly as I believe if Playboy underwent the traditional IPO process including roadshow and investment bank involvement, shares wouldn’t have been available anywhere near our initial purchase prices which consisted of an absurdly low EBITDA multiple following the deal close. (Click here to read full text)