OTLY - Why Oatly Stock Was Soaring This Week
2024-05-03 15:39:43 ET
Shares of Oatly Group AB (NASDAQ: OTLY) popped over 20% higher this week, according to data from S&P Global Market Intelligence . The oat milk brand posted Q1 earnings with more losses, but the numbers must have beat analyst expectations. As of Friday, May 3, shares of Oatly are off 96% from all-time highs after going public in the 2021 market frenzy.
Here's why Oatly stock was rising this week, and whether it matters for investors.
In the first quarter of 2024, Oatly's revenue only grew by a few million dollars to $199 million. However, it was able to greatly improve its unit economics by getting its gross profit from $34 million last year to $54 million this year.
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Why Oatly Stock Was Soaring This Week