Why Tattooed Chef Stock Was Down Over 15% on Friday
Tattooed Chef (NASDAQ: TTCF) stock fell on Friday even as the wider market was flat. Shares declined 17% by 1 p.m. ET, compared with a 0.6% uptick in the S&P 500. That drop added to big short-term losses for owners of the plant-based food product specialist, which is down nearly 80% so far in 2022.
It was sparked by a disappointing outlook by the management team that put the company's 2022 profitability at risk.
Management revealed in a pre-market press release that sales trends hit a negative inflection point over the past few months. Revenue fell 7% in the third-quarter period that ended in late September, compared with 16% growth in the previous quarter. Like peer Beyond Meat did earlier in November, Tattooed Chef described a major slump in the industry as consumers moved away from many plant-based foods.
Source Fool.com
