Vital Farms falls after co announces stock offering, Q3 results

Vital Farms

10/11/2020 17:54

** Vital Farms Inc  VITL.O  shares down 12.0% at $31.21
after pasture-raised egg producer launches secondary offering
and announces qtrly results
    ** VITL says certain stockholders to sell 5 mln shares 
 urn:newsml:reuters.com:*:nGNX6QvfZC
    ** Goldman, Morgan Stanley, Credit Suisse and Jefferies
joint bookrunners for offering, which is slated to price Weds
AMC
    ** VITL also posts Q3 beat, per Refinitiv data, as more
consumers buy eggs and butter and cook at home due to pandemic
lockdowns  urn:newsml:reuters.com:*:nGNX1b7pjZ
    ** Now expects FY2020 net revenue to increase 49% yr/yr to
of $210-$214 mln (vs previous forecast of $205-$210 mln)
    ** Even with decline on Tues, VITL's shares are up >40% from
their Jul IPO price of $22
    ** Stock opened at $35 on Jul 31 and traded to as high as
$43.30 just days later

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))