PLBY reports after the close on Monday with options traders leaning conspicuously bullish — yet the company's own insiders have been selling steadily into every uptick.
The most striking setup is in the options market. The put/call ratio has collapsed to 0.13, nearly half its 20-day average of 0.22 and among the lowest readings of the past year. That means calls are swamping puts by roughly 8-to-1 — a level of bullish options positioning that stands well apart from the recent norm. The stock has backed that sentiment with a 14% rally over the past month, closing Friday at $1.80, up 8% in a single session. Borrow conditions tell a loose story: availability is wide, cost to borrow is a negligible 0.64%, and short interest is modest at 1.4% of free float — down roughly 3% from a month ago. There is no meaningful short pressure heading into the print.
The insider picture cuts directly against the bullish positioning. Every single reported trade in the 90-day record is a sale. The CEO, Ben Kohn, sold more than $785,000 worth of shares in a single day in January and followed with another $34,000 in late April. The CFO, Marc Crossman, sold $173,000 in March. The General Counsel, Christopher Riley, sold three separate blocks in late April and early May — totalling nearly $340,000 — with the most recent on May 5, just days before the earnings release. Combined, insiders have net-sold over 313,000 shares worth roughly $543,000 in the past 90 days alone. That is a consistent, multi-executive pattern of selling into strength, not isolated tax-driven transactions.
The analyst picture adds little clarity and should be read with caution — the most recent action flagged in the data is a Buy initiation from Lucid Capital Markets in July 2025, nearly a year ago, with a $3.00 target. Jefferies downgraded to Hold with a $0.70 target back in August 2024. Given how stale these data points are relative to the current $1.80 price, they offer limited directional signal. What is more useful is the EPS momentum story: the company ranks in the 91st percentile on 90-day earnings momentum, suggesting estimate revisions have been running in a positive direction. Estimates for the upcoming quarter call for roughly $30.7 million in revenue and net income near $400,000 — thin but positive at the bottom line, with EBITDA expected around $5.7 million.
Monday's print will test whether PLBY's improving earnings trajectory can justify the run-up in calls — or whether the executives who know the business best have been right to lighten up ahead of the release.
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