Digital Brands Group Inc. (DBGI) stock increased by a further 16.60% in the after-hours, while it had already gained 4.12% in regular trading. Intraday trading, the stock moved between $2.4001 and $2.5500 with a very small volume of 513.62K. After closing the session at $2.5300, DBGI went up to $2.9500 in the after hours.
With no news from the company, the stock seems to be up on stock sentiments.
DBGI stock Movement
The apparel provider Digital Brands Group Inc. has a current market capitalization of $31 million for its 12.76 million outstanding shares.
While having lost over 36.5% in the past month, the stock has gained 1.20% on positive sentiments in the past five days. Moreover, DBGI stock has shed a value of 10.60% in the past three months.
Moreover, the stock has been trading in the green for the past two days now.
Recent Developments
On November 11, the company announced the selection of its new board member. DBGI appointed Lucy Doan to its Board of Directors, who has 25 years of financial and strategic experience.
Furthermore, the company announced the acceptance of cryptocurrency as a form of payment, on November 04, 2021. DBGI will be accepting cryptocurrency as a form of payment through Shopify (SHOP). The company’s CEO, Hil Davis commented that they expected the growth of crypto payment in the industry.
DBGI’s Financials
Digital Brands Group Inc. announced its third-quarter financial results on November 11, 2021. In the third quarter of 2021, the company generated a revenue of $2.2 million. This compares to $1.2 million in the same quarter of 2020, which results in an increase of 75% year-over-year.
Moreover, DBGI’s gross profit margin was 55.9% in the third quarter of 2021, increasing by 96% year-over-year. In the year-ago quarter, the gross profit margin was negative 40.1%.
Further, the net loss per diluted share of the company increased 677% year-over-year, to $0.76 in the Q3 of 2021. In comparison, the net loss per diluted share was $5.89 in the year-ago quarter.
Future Guidance
Along with the Q3 2021 financials, the company also provided guidance for its full fiscal year 2022. According to the guidance, DBGI expects net revenue between $37.5 million and $42.5 million for the full fiscal year 2022. This shows a huge increase of 350% from the revenue expectations of 2021.
