COOK - Here's Why Traeger Stock Was Hit Hard Today
Shares of Traeger Grills (NYSE: COOK) were hit hard on Thursday after the company released financial results for 2021 and issued financial guidance for 2022. Suffice it to say that investors had hoped for more from management's guidance, causing the stock to drop 14% as of 11 a.m. ET, although it had been down as much as 23% earlier in the session.
For 2021, Traeger grew its revenue 44% from 2020 to $786 million. In the fourth quarter alone, the company generated revenue of $175 million, exceeding analysts' expectations. This did come at a net loss of almost $89 million for the year. But keep in mind that $81 million of this net loss was due to stock-based compensation -- a common noncash expense for companies that have recently gone public.
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Here's Why Traeger Stock Was Hit Hard Today