Why Is Tattooed Chef (TTCF) Stock Down 19% Today?
Tattooed Chef (NASDAQ:TTCF) stock is taking a beating on Wednesday following the release of its earnings report for the third quarter of 2022.
The earnings report doesn’t start off well for TTCF stock, with EPS coming in at -46 cents. That’s an incredibly bad miss compared to Wall Street’s estimate of -19 cents per share. It’s also much wider than the -9 cents per share reported during the same period last year.
Tattooed Chef’s revenue for Q3 came in at $54.1 million as well. That matches what analysts had expected for the quarter, although it’s still a drop from the $57.8 million reported in Q3 2021.
Sam Galletti, President and CEO of Tattooed Chef, said the following in the earnings report:
“We are disappointed in our third quarter results, but remain committed to making Tattooed Chef a household name brand that generates value to our shareholders for years to come.”
TTCF Stock Investors Aren’t Happy With Results
We’re seeing evidence of unhappiness among investors today as shares of TTCF stock experience heavy trading. As of this writing, more than 3 million shares have changed hands as investors sell the stock. To put that in perspective, the company’s daily average trading volume is closer to 775,000 shares.
TTCF stock is down 18.7% as of Wednesday afternoon and down 82% since the start of the year.
Investors looking for more of the latest stock market news today will want to keep reading!
InvestorPlace has them covered with all of the hottest stock market news for Wednesday! That includes what has shares of Mullen Automotive (NASDAQ:MULN), Fast Radius (NASDAQ:FSRD) and Peloton (NASDAQ:PTON) stock moving today. You can find all of this news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.