WW - Why WW International Stock Plummeted by 9% Today
2024-01-11 18:21:27 ET
One stock that's having a hard time in these early days of 2024 is WW International (NASDAQ: WW) , whose money asset is the famous Weight Watchers diet program. On Thursday, the company's shares took another body blow, closing nearly 8% lower on the back of a downbeat analyst note. That was a notably worse performance than the essentially flat movement of the S&P 500 index on the day.
The analyst in question was Craig-Hallum's Alex Fuhrman, who wrote in a new research note that consumer interest in classic weight-loss methods is "down significantly" compared to last year's levels. WW International's Weight Watchers, which relies on calorie counting, is often cited as one of those methods.
Fuhrman's latest analysis is based on several metrics, such as internet searches and app downloads. As for the latter, he pointed out, WW International's app saw a 43% year-over-year decline in total number of downloads in the first eight days of this year. Noom, another dieting app, saw a 30% drop in the same period.
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Why WW International Stock Plummeted by 9% Today