Tattooed Chef (NASDAQ:TTCF) stock is bleeding red on Wednesday, will this trend continue?
Another bad day for SPAC related stocks, with TTCF being the biggest disappointment, at least for me, on Wednesday. But here is one good news. Tattoed Chef announced today that they are finally moving forward with their E-com site.
On Monday, October 26, 2020 everyone will be able to order their products online.
“I believe this is the next step in the evolution of the Tattooed Chef,” said Sam Galletti, President and CEO of Tattooed Chef. “This has been an impactful year for us. We have continued to expand our distribution and have record revenue; we have added to our executive leadership team and last week we became a publicly traded company. Next, the launch of our e-commerce site will enhance the reach for all Tattooed Chef products. I have never been more confident in the growth opportunities for Tattooed Chef, and I am so excited for the future.”
Seems like CEO is happy with the results so far, but is there something else that is putting a pressure on TTCF shares?
What the future holds for TTCF?
What has me concerned is the larger picture. If TTCF sells their products from COSTCO to Target, and stock price is still going down, what does this say about demand for those products?
Of course, it’s never wise to make sweeping generalizations based on one company’s input. For that, we’re going to need to hear more from others in the plant-based food chain — something to keep in mind as we head into the onslaught of quarterly reports.
But here is the biggest problem
The biggest problem for emerging and young companies right now is the fact that presidential elections are just around the corner and Cash is the King at the moment.
You cannot get a huge rally on a new stock in a such a small niche at the point when the future regarding pandemic and politics is so uncertain.
I still think TTCF is a great company,y but the timing is wrong.