On February 25, The Very Good Food Co. Inc. (VGFC) stock remained bullish in both regular and after-hours sessions. This bullish momentum could be attributed to the stock’s recent low price leading way for a comeback.
While the day’s volume remained below the average, VGFC stock gained a good 5.48% during the regular session. The stock closed the session at a value of $0.53 per share with 304.14K shares exchanging hands. Following the gain, the stock’s bullish momentum escalated in the after-hours as it reached $0.60 apiece. Thus, VGFC stock increased by a further 13.77% or $0.07 in the after-hours on Friday.
The plant-based food technology company, The Very Good Food Co. Inc. has a market capitalization of $61.38 million. Currently, the number of its outstanding shares is 104.45 million.
VGFC stock Movement
On February 24, the stock traded very near to its 52-week low of $0.46. VGFC stock plunged down to a low of $0.49 during the day, closing just above it, at $0.50. It was the first time that the stock reached this low after its recent 52-week low on January 25. Thus, the low per-share price of the stock led way for a comeback. It seems investors saw the low price as a good opportunity to buy shares of the stock. Therefore, the stock entered an uptrend the following day i.e. Friday, and remained bullish through both the regular and after-market sessions.
Presently, the VGFC stock stands at a year-to-date loss of 28.42% while it declined by a huge 88.51% last year.
Company Updates
On February 03, the company announced the increase of its retail distribution and inaugural production from its Patterson Facility. VGFC’s Very Good Butchers products have now expanded to over 400 locations ranging across 25 states in the U.S and 1100 locations in Canada. Moreover, the partner retailers of the company’s products include Earth FARE, Raleys, Metropolitan Markets, Deans, PCC, Harmons, and many others.
Additionally, the company recently started the production of Taco Stuffer at the Patterson facility. With the near-future launch of Spicy mmmMeatballs, the company plans to produce many innovative products later in 2022.
VGFC’s Financial Overview
In the third quarter of 2021, the company had adjusted EBITDA of $(8,174,024) on revenue of $2,536,097.
Furthermore, VGFC had an adjusted gross margin of 36% YTD Q3 2021, against 30% in the year-ago period.
