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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.