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Why did Dolphin Entertainment Inc. (DLPN) stock decline on Friday despite positive news?

Dolphin Entertainment Inc. (DLPN) shares declined 9.54% in after-hours on Friday, January 21, 2022, and closed the daily trading at $5.50. Even in the regular trading on Friday, DLPN’s stock lost 0.33%. DLPN shares have risen 47.57% over the last 12 months, and they have moved down 11.37% in the past week. Over the past three months, the stock has lost 48.61%, while over the past six months, it has declined 24.66%.


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Let’s have a brief look at its recent news and developments.

DLPN new NFT digital collectible program

On January 20, 2022, Dolphin Entertainment (DLPN) announced the upcoming availability of a new NFT digital collectible program that artfully brings together the worlds of comic book heroes and groundbreaking athletes. The drop is themed Winter Sports Champions and features a combination of legends and current winter athletes. The Winter Sports Champions collection will be released in partnership with FTX.US, allowing fans to purchase the NFTs with credit and debit cards as well as cryptocurrency. Future NFT collections featuring different groups of athletes in superhero form will be released in the coming months.

DLPN partnership with Crafthouse Cocktails

On December 8, 2021, Dolphin Entertainment (DLPN) entered into a strategic partnership with Crafthouse Cocktails. Dolphin will manage all aspects of publicity and marketing for the brand through its network of agencies and will facilitate talent and commercial relationships within the entertainment and culinary industries.

Crafthouse Cocktails is a pioneering brand of ready-to-drink, all-natural classic cocktails created by world-renowned mixologist, Charles Joly and esteemed restaurateur, Matt Lindner.

Dolphin Entertainment’s also taken an ownership position in the Midnight Theatre, a state-of-the-art contemporary variety theater and restaurant experience in the heart of Manhattan, New York.

DLPN first generative NFT collection

On November 22, 2021, Dolphin Entertainment (DLPN) launched Creature Chronicles: Exiled Aliens, the content studio’s first generative NFT (non-fungible token) collection and the initial project from newly-hired visual artist Anthony Francisco. The collection will feature 10,000 custom-crafted avatars representing an ancient race of rare beings. Each Exiled Alien avatar will fall into a specific alien hierarchy, assigned traits, and randomly generated.

DLPN latest financial results

On November 19, 2021, Dolphin Entertainment, Inc. (DLPN), announced its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • DLPN reported revenues of $9.4 million for the third quarter of 2021 compared to $5.53 million in Q3 2020.
  • Total operating expenses were $9.36 million in Q3 2021 compared to $6.02 million in Q3 2020.
  • It earned a net income of $141,651 in Q3 2021 compared to a net loss of $137,630 in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents of $12,652,902 million, compared to $7,923,280 million as of December 31, 2020.

Conclusion

Despite the new NFT digital collectible program announced on Thursday, its stock crashed on Friday which is a bit strange. On Friday most of the stock markets crashed due to a surge in Omicron cases worldwide. Let’s see how it performs on Monday?

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