|Over a month ago|
Tattooed Chef price target lowered to $13 from $18 at Cowen » 07:4305/1005/10/22
Cowen analyst Brian…
Cowen analyst Brian Holland lowered the firm's price target on Tattooed Chef to $13 from $18 and keeps an Outperform rating on the shares. The analyst acknowledged the stock is "show me" until line extensions validate the brand and margins inflect which we view as a 2H22 event.
Tattooed Chef call volume above normal and directionally bullish » 13:2503/2803/28/22
Bullish option flow…
Bullish option flow detected in Tattooed Chef with 2,228 calls trading, 1.1x expected, and implied vol increasing almost 3 points to 65.04%. 4/1 weekly 13 calls and 4/1 weekly 12.5 calls are the most active options, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 0.23. Earnings are expected on May 10th.
|Over a quarter ago|
Tattooed Chef sees 2022 revenue $280M-$285M, consensus $282.99M » 07:4503/1603/16/22
Sees Gross margin of…
Sees Gross margin of 10-12%; Marketing expenses of $27- $32 million; Capital expenditures of approximately $20 million, with investments focused on automation and robotics at manufacturing facilities.
Tattooed Chef reports Q4 EPS (17c), consensus (8c) » 07:4303/1603/16/22
Reports Q4 revenue…
Reports Q4 revenue $52.3M, consensus $51.07M. "2021 was a milestone year for Tattooed Chef," said Sam Galletti, President and CEO. "We grew our revenue by approximately 44%, consummated two transformative acquisitions, expanded our national presence, diversified our channel and customer mix, and broadened our product line. That these financial and operational achievements were realized against a backdrop of supply chain stresses and pricing pressures is a testament to our team, the resiliency of our vertically integrated infrastructure, growing interest in our plant-based offerings, and a validation of the investments we are making in our people, products, and processes. We expect the recently acquired Belmont Confections facility to begin transitioning to the manufacture of Tattooed Chef branded bars beginning in the second quarter of 2022 and we expect that the two facilities acquired as part the New Mexico Food Distributors transaction will be fully operational and manufacturing both private label and Tattooed Chef branded products during the second quarter of 2022. We have also taken steps to strengthen the vertically integrated nature of our operations by initiating company-wide investments in automation, staffing, cold storage facilities, and internal R&D. We believe that these improvements will support our anticipated revenue growth, deliver operating efficiencies, accelerate our ability to achieve scale, and enhance margins. We look forward to our future with great confidence."
Tattooed Chef call volume above normal and directionally bullish » 14:4503/1503/15/22
Bullish option flow…
Bullish option flow detected in Tattooed Chef with 3,431 calls trading, 1.4x expected, and implied vol increasing over 1 point to 92.49%. Mar-22 12 calls and Mar-22 12.5 calls are the most active options, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 0.29. Earnings are expected on March 16th.
Tattooed Chef to restate 2021 quarterly financial statements » 16:3103/1103/11/22
Tattooed Chef announced…
Tattooed Chef announced that it will restate prior period financial statements for each of the quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021 because the company did not properly record the tax effects associated with the company's issuance of 825,000 shares of its common stock to Harrison Co. in June 2021 as partial consideration for services rendered in connection with the company's de-SPAC transaction that occurred in October 2020. The $4M deferred tax asset that should have been recorded as of December 31, 2020 was determined to have an immaterial impact on the company's consolidated financial statements as of and for the year ended December 31, 2020. However, the impact of this error, when combined with other immaterial error corrections for the quarter ended March 31, 2021, was determined to be material to the Company's consolidated balance sheet as of March 31, 2021. In June 2021, the company recorded a full valuation allowance on all of its deferred tax assets. Accordingly, the increase in the valuation allowance associated with this deferred tax asset was also deemed to be material to the company's results of operations for the three and six months ended June 30, 2021 and the nine months ended September 30, 2021. The company further expects that the restatements will have no effect on its future operations.
Tattooed Chef put volume heavy and directionally bearish » 13:1503/1003/10/22
Bearish flow noted in…
Bearish flow noted in Tattooed Chef with 4,927 puts trading, or 3x expected. Most active are 4/1 weekly 10 puts and Apr-22 10 puts, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 9.78, while ATM IV is up over 1 point on the day. Earnings are expected on March 16th.
Tattooed Chef unveils innovation line-up for 2022 at Natural Products Expo West » 09:1103/0803/08/22
Tattooed Chef unveiled…
Tattooed Chef unveiled its innovation line-up for 2022 coinciding with the brand's presence at this year's Natural Products Expo West show, March 8-12 at the Anaheim, Calif. Convention Center. The new slate of innovation brings the total product count to 140 products in 10 categories now available in 2022. Tattooed Chef is expanding out of the freezer aisle and releasing snacks that include plant based bars and chips. The new bar portfolio is a first-of-its-kind brain fuel oat butter bar powered with adaptogens that help to reduce stress, promote mental balance and provide long-lasting focus. The new tortilla chips are gluten free, grain free, and a better-for-you chip alternative that doesn't taste like an alternative. Tattooed Chef is also expanding into new frozen product categories: Burritos, Quesadillas and Mexican Entrees. Drawing inspiration from classic Mexican flavors, the new products include a variety of tasty plant-based meat alternatives and ingredient combinations like the Plant Based Chorizo and Egg Burrito, the Plant Based Al Pastor Quesadilla and Plant Based Chicken Mole Enchiladas. In addition, the Company is significantly expanding its vegan line by incorporating vegan eggs and proprietary meat alternatives, such as plant based pork into various meals. The Company is also releasing new nutrient-packed meals, from globally inspired dishes such as the Japanese Breakfast Bowl and Plant Based Chicken Burrito Bowl to nostalgic fan favorites with a twist such as the Spiccolli Wood-fired Pizza and Cauliflower Spaghetti White Bolognese.
Largest borrow rate increases among liquid names » 08:4503/0103/01/22
DCFC, FATH, TMC, BLNK, SOND, TTCF, AUR, SG, ASTR, RSX
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: (DCFC) 109.78% +5.19, Altimar Acquisition Corp (FATH) 216.19% +2.94, The Metals Company (TMC) 89.94% +2.16, Blink Charging (BLNK) 61.56% +1.58, (SOND) 49.20% +1.54, Tattooed Chef (TTCF) 66.64% +1.32, Reinvent Technology Partners (AUR) 2.22% +0.66, Sweetgreen (SG) 22.67% +0.59, Astra Space (ASTR) 4.44% +0.48, and Market Vectors Russia (RSX) 29.22% +0.42.
Largest borrow rate increases among liquid names » 08:4502/2402/24/22
BKKT, DAVE, TTCF, DWAC, CND, CRSR, STM, DOGZ, XELA, LMND
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: VPC Impact Acquisition Holdings (BKKT) 25.50% +4.70, (DAVE) 128.49% +4.22, Tattooed Chef (TTCF) 98.68% +2.85, Digital World Acquisition Corp (DWAC) 123.13% +1.38, Concord Acquisition Corp (CND) 13.08% +0.81, Corsair Gaming (CRSR) 13.93% +0.52, STMicroelectronics (STM) 1.17% +0.40, Dogness Internationa (DOGZ) 53.52% +0.39, Exela Technologies (XELA) 4.50% +0.37, and Lemonade (LMND) 5.34% +0.31.