Do You Think Corporate Transformation Affected the Performance of PLBY Group (PLBY)?

Greenlight Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Greenlight Capital funds returned 4.0% net of fees and expenses compared to a 4.9% decline for the S&P 500 index. For the nine months ended September 2022, the fund delivered a 17.7% return net of fees and expenses compared to a 23.9% decline for the S&P 500 index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Greenlight Capital discussed stocks like PLBY Group, Inc. (NASDAQ:PLBY) in its Q3 2022 investor letter. Headquartered in Los Angeles, California, PLBY Group, Inc. (NASDAQ:PLBY) is a global pleasure and leisure company. On October 20, 2022, PLBY Group, Inc. (NASDAQ:PLBY) stock closed at $3.4300 per share. One-month return of PLBY Group, Inc. (NASDAQ:PLBY) was -14.68% and its shares lost 87.57% of their value over the last 52 weeks. PLBY Group, Inc. (NASDAQ:PLBY) has a market capitalization of $156.508 million.

Greenlight Capital made the following comment about PLBY Group, Inc. (NASDAQ:PLBY) in its Q3 2022 investor letter:

“Finally, we sold unsuccessful investments in PLBY Group, Inc. (NASDAQ:PLBY) and WBD. We thought both companies were going through substantial corporate transformations. PLBY failed to execute on its strategy and we exited with a 50% loss on our investment. We sold WBD as it faces a more challenging path to executing its integration plan than we expected. It also has a sizable amount of debt. We are trying to avoid levered equities in the current economic environment. We lost approximately 40% on WBD in half a year. Both positions were small.”

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PLBY Group, Inc. (NASDAQ:PLBY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held PLBY Group, Inc. (NASDAQ:PLBY) at the end of the second quarter, which was 19 in the previous quarter.

We discussed PLBY Group, Inc. (NASDAQ:PLBY) in another article and shared the list of stocks to buy according to Adam Wyden’s ADW Capital. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.