Bernhard L III Kohn, who serves as CEO and President of Playboy, Inc. (NASDAQ:PLBY), completed two separate transactions involving the sale of a substantial block of the company's common stock in mid-May 2026. In total, Mr. Kohn sold 164,448 shares across transactions conducted on May 14 and May 15, resulting in an aggregate value of roughly $228,257. The selling prices during this period fluctuated between a low of $1.3476 and a high of $1.428 per share.
The timing of these sales occurs against a backdrop of recent stock weakness for Playboy, Inc. Shares have fallen 26% over the course of the past week and are currently trading at $1.33, which is near the stock's 52-week low of $1.19.
Details of the Share Liquidations
The sales were structured across two consecutive days. On May 14, Mr. Kohn sold 82,677 shares. These shares were transacted in multiple segments, with recorded prices ranging from $1.41 to $1.475 per share. The weighted average price for the block sold on this date was determined to be $1.428 per share.
The following day, May 15, involved an additional sale of 81,771 shares. These transactions saw individual prices vary between $1.32 and $1.375. The weighted average price for the total volume sold on May 15 was reported at $1.3476 per share.
According to the official filing documentation, these entire series of sales were executed exclusively to cover Mr. Kohn's tax withholding obligations. These obligations stemmed from the settlement of restricted stock units that had been previously granted to him by the company. This stated purpose clarifies that the transactions were not based on market speculation or an immediate need for capital unrelated to taxes.
Despite the recent weakness observed in the equity value, independent analysis suggests a different outlook for the corporation. Specifically, InvestingPro analysis indicates that the company may be undervalued at current trading levels. Furthermore, analysts have provided forecasts suggesting anticipated profitability within this year and an Earnings Per Share (EPS) projection of $0.08 for fiscal 2026.
Following the conclusion of these sales, Mr. Kohn's direct beneficial ownership in Playboy, Inc. common stock stands at 5,812,861 shares. The filing also provided details regarding his indirect holdings through various trusts and entities. These include an ownership stake of 75,361 shares held by Cold Springs Trust, 445,309 shares managed by Woodburn Dr LP, and 50,000 shares associated with the Bircoll Kohn Family Trust. It is important to note that Mr. Kohn explicitly disclaims beneficial ownership over these indirectly held stakes, retaining only a claim based on his pecuniary interest.
For context regarding the company's recent financial performance, Playboy Inc. reported its first-quarter 2026 earnings results. These figures were below market expectations. The company announced an EPS of -$0.03, missing the anticipated $0.01 mark, which constituted a negative surprise of 400%. Furthermore, reported revenue totaled $30.23 million, falling short of the projected $31.17 million and representing a 3.02% shortfall.