Performance Food Group Co (NYSE:PFGC)’s stock price traded up 7.7% during mid-day trading on Tuesday . The stock traded as high as $30.68 and last traded at $29.28, while 2,754,200 shares traded hands during trading.The stock had previously closed at $27.10 which means that one share gained 8.04%.
But what is the most interesting news of the day for many stock analysts and workers of PFGC is that they reportedly started layoffs due to poor sales. According to one of the employees:
PFG has started the lay-off big time. They are downsizing due to 55% lower sales and acquisitions they could not afford. Vistar management is an old school tribe that survived on massive growth Within the industry and NOT by talent or critical thinking that supports growth with success.an Employee that wanted to stay anonymous.
Several research firms have recently weighed in on PFGC. Jefferies Financial Group raised Performance Food Group from a “hold” rating to a “buy” rating and reduced their target price for the company from $55.00 to $42.00 in a report on Thursday, March 26th. TheStreet lowered Performance Food Group from a “b-” rating to a “c+” rating in a research report on Tuesday, March 24th.
As many other companies, PFGC is struggling with COVID-19 crisis stay-at-home orders and lockdowns.
Of course the news on layoffs is not official yet, and we could not confirm this news elsewhere. We will update the article as soon as we get new information.
If you have been affected with layoffs or furloughs in PFGC feel free to vent your frustrations.