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Boxed Inc. (NYSE:BOXD) shares fell over 20% on Wednesday after posting a big miss on earnings estimates, cutting forecasts, and fielding more bearish takes from analysts.
The New York-based online wholesaler not only missed estimates for the second quarter, but significantly reeled in expectations for the full-year. An updated revenue forecast of $165M to $180M fell well below the consensus of $226.2M.
Following the cut to outlook from the company, Citi analyst Ronald Josey likewise slashed expectations for the company.
“We downgrade shares to Neutral/High Risk and lower our TP to $2.00 from $12.00 prior,” he wrote. “While we agree a more focused organization can deliver improving results and that Boxed continues to offer a compelling value prop to its users, we look for greater traction across its core strategic priorities and believe the risk/reward in shares is balanced at current levels.”
Read more on the details of the earnings results.
