Brilliant Earth shares fall as consumers hold off on big purchases

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Shares of jeweler Brilliant Earth Group Inc. BRLT, -26.07% sank 23.6% in Friday trading as consumers pull back on big purchases during a period of sky-high inflation and global unrest. “Despite a solid 1Q22 EPS, Brilliant Earth lowered FY22 guidance reflecting moderating growth from consumers pausing on making big purchases amid macro uncertainties,” wrote Cowen analysts, who maintained their outperform stock rating but slashed the price target to $10 from $21. Brilliant Earth reported a first-quarter earnings beat but lowered its guidance. “We have incorporated these geopolitical and macroeconomic factors into our outlook for Q2 and for the full year 2022,” said Chief Financial Officer Jeff Kuo on the late Thursday earnings call. “And while we continue to see strong overall demand, we have seen a more moderated rate of growth, which is most notable in e-commerce.” Brilliant Earth stock has slumped 71.5% for the year to date.

This article was originally published by Marketwatch.com. Read the original article here.

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