Why The Beauty Health Company Stock Dropped This Week
Shareholders of The Beauty Health Company (NASDAQ: SKIN) were seeing red this week. The skin care specialist's stock fell 9% through Thursday trading, according to data provided by S&P Global Market Intelligence. That's as compared to a 0.6% drop in the S 500 over that time. The drop contributed to a weak year so far for the stock, which is down 11% so far in 2023 despite a rising market.
This week's slump was sparked by a downgrade by a Wall Street firm.
Demand trends are indeed slowing, with first-quarter revenue rising just 14% compared to the prior quarter's 41% spike. Beauty Health in mid-May also reported weaker gross profit margin in the quarter, which ran through late March, along with continued net losses.
Source Fool.com
