Home Trending Stocks Here is Dolphin Entertainment Inc (DLPN) stock turnaround on Thursday, April 15,...

Here is Dolphin Entertainment Inc (DLPN) stock turnaround on Thursday, April 15, 2021

Dolphin Entertainment Inc (DLPN) stock was facing negativity in the normal trading session on Thursday, April 15, 2021. It lost 8.05% in the morning session but it gained 14.30% in the after-hours market session. DLPN shares have jumped 301.60% over the last 12 months, and they have moved down by -28.41% in the past week. Over the past three months, the stock has gained 121.62%, while over the past six months, it has added 150.59%.

Let’s try to find out the reason behind its turnaround and have a look at recent developments.

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Financial result announcement

On April 15, 2021, Dolphin Entertainment, Inc. (announced its financial results for the fourth quarter and the full-year ended December 31, 2020.

Financial Highlights

  • Dolphin Entertainment earned a revenue of 7 million compared to $6.4 million in Q4 2019.
  • Dolphin Entertainment earned a revenue of $24.1 million in 2020 compared to $25.0 million in 2019.
  • It suffered an operating loss of $2.5 million for the year ended December 31, 2020, compared to an operating loss of $4.0 million for the same period in the prior year.
  • Net loss for the year ended December 31, 2020, was $1.9 million compared to a net loss of $2.3 million for the same period in the prior year.
  • As of December 31, 2020, DLPN had Cash and cash equivalents of $7.9 million, compared to $2.2 million as of December 31, 2019.
  • As of December 31, 2020, DLPN had a working capital of $3.0 million, compared to $15.6 million as of December 31, 2019.

Addition of two new clients

On April 12, 2021, a wholly-owned subsidiary of Dolphin Entertainment, The Door, announced the addition of two new clients the iconic ice cream brand HäagenDazs and beloved European baby food brand Holle.

Read More

Founded in 2008, The Door, a consumer, lifestyle, and hospitality marketing communications agency.

Dolphin Entertainment facing investigation due to rescheduling financial results announcement

Dolphin Entertainment, Inc is facing investigation by The Law Offices of Frank R. Cruz on behalf of investors about the Company’s possible violations of federal securities laws.

The company had to reschedule the financial results announcement couple of times due to material weaknesses which results in a decline in its stock price and investors had to bear the loss.

DLPN and HOFV partnership

On March 23, 2021, Dolphin Entertainment, Inc announced that it has signed a partnership agreement with the Hall of Fame Resort & Entertainment Company (HOFV). According to the agreement, non-fungible tokens (NFTs) will be offered by (HOFV) which will allow fans of professional football and sports entertainment to buy and sell exclusive content developed by HOFV and its partners.

The deal will result in forming a new division by Dolphin Entertainment called, NFT.

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Conclusion

The late but exceptional financial results moved the DLPM stock from a negative zone towards positivity on Thursday. We can expect more gains on the last day of the week.

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