Benzinga | Sep 28, 2021 11:21AM EDT

Why Digital Brands Group's Stock Is Surging Higher Today

Digital Brands Group Inc (NASDAQ:DBGI) is trading significantly higher Tuesday after the company issued full-year 2022 revenue guidance of $37.5 million to $42.5 million, representing a 350% increase year-over-year.

"Our 2022 revenue guidance reflects the power of our brand portfolio, especially as we are able to benefit from the full year revenue contribution from our acquisitions in 2022," said Hil Davis, CEO of Digital Brands Group.

Davis continued, "This forecasted increase of 350% in our year over revenue growth does not reflect any potential additional acquisitions, nor does it reflect any meaningful benefit from our expected increase in marketing spend."

Digital Brands Group offers a variety of apparel through numerous brands on a both direct-to-consumer and wholesale basis.

DBGI Price Action: Digital Brands Group has traded as high as $8.80 and as low as $2.32 over a 52-week period.

The stock was up 41.40% at $41.17 at time of publication.