Why Tattooed Chef Stock Jumped 19% at the Open Today
Shares of plant-based food maker Tattooed Chef (NASDAQ: TTCF) rose as much as 19% in the first hour or so on Wednesday. By 10:30 a.m. ET, that gain had been pared a little, to about 14%, but was still notable. The big news was the company's third-quarter 2021 earnings, which were released after the close on Tuesday.
Tattooed Chef makes plant-based products like riced cauliflower, zucchini spirals, cauliflower pizza crusts, and a variety of "bowls." This puts the company right in the middle of an up-and-coming "healthy" food category. So it's little wonder that third-quarter 2021 sales increased 43.5% year over year.
The $17.8 million revenue advance was split between branded products, where sales rose roughly $12.7 million, and private label, where sales increased around $5 million. This shows that the Tattooed Chef brand is gaining scale, which is likely why investors were excited.
Source Fool.com
