BRCC - Why BRC Stock Is Perking Up This Morning
Shares of premium coffee seller BRC (NYSE: BRCC) are rising 8.1% at 11:09 a.m. ET Thursday after the company, which owns the Black Rifle Coffee brand, reported second-quarter earnings that missed Wall Street's top- and bottom-line estimates.
BRC said sales jumped 27% to $66 million compared to expectations of $70.9 million, and while losses of $0.22 per share were far worse than the $0.04 loss that analysts forecast, it was dramatically better than the $1.49 loss recorded a year ago.
BRC went public in February through a reverse merger with a special purpose acquisition company, or SPAC, and began trading at $12 a share. It quickly built up momentum and shot as high as $34 before beginning a long, steady slide throughout the summer. Today the stock costs a little over $9, a 73% dump in value.
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Why BRC Stock Is Perking Up This Morning