Beauty Health Company (SKIN)

The Beauty Health Company Stock (SKIN) dropped by 64.36% from $3.90 to $1.39 in the trading on Tuesday November 14, 2023. The reasons why SKIN stock down today include:

• Missed revenue: Sales rose 9.7% to $97.4 million, but was well below the FactSet consensus of $116.2 million. Sales in the Americas region dropped 11% to $51.7 million, while Asia-Pacific sales jumped 63% to $24.7 million and Europe, Middle East and Africa sales climbed 37% to $21.1 million.
• Net loss : The company reported net losses that widened to $74.9 million, or 56 cents a share, from $1.7 million, to 3 cents a share, in the same period a year ago. The consensus was for a profit of 7 cents a share.
• Falling guidance: For 2023, the company cut its guidance range for net sales to $385 million to $400 million from $460 million to $480 million.
• CEO departure: The company said current CEO Andrew Stanleick will leave the company and give up his seat on the board of directors, effective Nov. 19. Current board member Beck, who was founder and former CEO of beauty retailer Bluemercury, will serve as interim CEO while the company searches for a permanent CEO.
• Downgrade: Raymond James analyst Olivia Tong, downgraded the stock to underperform from market perform. Tong had a tepid view on the stock, with financial forecasts pre-results that were already below consensus expectations.

SKIN's stock fell 13.13% related to its RSI alert that the company are oversold. In trading on Friday, shares of Beauty Health Co entered into oversold territory, hitting an RSI reading of 27.9, after changing hands as low as $8.2001 per share.

https://www.nasdaq.com/articles/rsi-alert%3A-beauty-health-skin-now-oversold