The Hain Celestial Group, Inc. HAIN shares are trading lower after the company reported worse-than-expected second-quarter sales. JP Morgan and Piper Sandler downgraded the stock and lowered their price targets.
What Happened: On Wednesday, Hain Celestial announced their second quarter results ending December 31, 2022. The company reported $454.2 million in net sales, missing the $460.31 million consensus estimate. Quarterly earnings came in at $0.20 per share, beating the consensus estimate of $0.13 per share
Additionally, JP Morgan analyst Ken Goldman downgraded Hain Celestial from Overweight to a neutral rating, lowering the price target from $22 to $21, and Piper Sandler analyst Michael Lavery downgraded the company from Neutral to Underweight, lowering the price target from $19 to $17.
Christopher J. Bellairs, Executive Vice President & Chief Financial Officer noted, "while we experienced some retailer inventory reductions in North America that impacted our topline results, we continue to see strong momentum in key categories.”
Hain Celestial makes better-for-you natural and organic food and personal-care products. Some of the company's most recognized U.S. brands are Celestial Seasonings, Terra, Garden of Eatin', Sensible Portions, Greek Gods yogurt, and Earth's Best baby food.
According to data from Benzinga Pro, Hain Celestial shares were down 10.1%, trading at $19.05 at the time of publication. It has a 52-week high of $37.55 and a 52-week low of $15.195.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.