Boston Beer (NYSE: SAM) may be best-known for its famous brew named after Samuel Adams, but you wouldn't know it from looking at its product portfolio these days.

The company's business has moved away from beer, becoming increasingly tied to flavored malt beverages like Truly hard seltzer, Twisted Tea, and Angry Orchard hard cider. A boom in hard seltzer sales lifted the stock in 2020 and early 2021. But as the hard seltzer craze has faded, the stock has crashed.

Boston Beer stock is now down by more than two-thirds from its peak last year. Its second-quarter earnings report highlighted the company's struggles. Depletions, which are end sales at its retail partners, were down 7% in the quarter, and earnings per share slipped from $4.75 to $4.31.

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Source Fool.com