The Boston Beer Company Inc (SAM) stock plunged 9.39% in after-hours on Wednesday, September 08, 2021, and closed the daily trading at $506.89. Even in the regular trading session of Wednesday, SAM’s stock lost 0.08%. SAM shares have fallen 29.29% over the last 12 months, and they have moved down 1.90% in the past week. Over the past three months, the stock has lost 46.13%, while over the past six months, it has declined 49.19%. The company has a current market of $6.87 billion and its outstanding shares stood at 12.28 million.
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SAM stock latest news
On Sept. 8, 2021, The Boston Beer Company, Inc (SAM) stock provided updated financial guidance due to a decrease in hard seltzer market retail sales.
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Industry reports have estimated that the full year 2021 volume for the hard seltzer market retail sales will have over 100 million fewer cases than the volumes estimated in May 2021 and over 30 million fewer cases than the volumes estimated in July 2021.
As a result of this uncertainty and its impact on our volume trends, the Company currently expects full-year 2021 earnings per diluted share will fall below the previously-reported estimate of between $18.00 and $22.00, excluding the impact of ASU 2016-09.
SAM Stock launched new Drink
On September 8, 2021, SAM Stock launched Bevy Long Drink, a new, refreshing beverage inspired by the national cocktail of Finland, the “Long Drink.” Bevy Long Drink will hit shelves in early November in two flavours: Sparkling Citrus Refresher and Sparkling Berry Refresher.
Entourage Health Partnership with SAM Subsidiary
On August 31, 2021, Entourage Health Corp announced that its subsidiary and license holder WeedMD RX Inc signed agreements with BBCCC, Inc., a subsidiary of the SAM stock, and Ontario-based Peak Processing Solutions (‘Peak’), to launch a new portfolio of non-alcoholic cannabis-infused beverages in Canada, with production commencing in Q4, 2021.
BBC and Peak will develop the beverages with Entourage’s cannabinoid-rich input biomass processed at Peak’s Windsor, Ontario facility. Entourage will be the exclusive distributor of the cannabis-infused beverages in Canada leveraging Entourage’s expansive local sales and marketing network.
SAM Stock partnership with PepsiCo
On August 10, 2021, SAM stock and PepsiCo announced their partnership to produce HARD MTN DEW alcoholic beverages. The partnership unites Boston Beer’s world-class innovation and expertise in alcoholic beverages with one of PepsiCo’s most iconic and beloved brands.
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Conclusion
The Boston Beer Company (SAM) stock plunged on Wednesday after the company lowered its FY 21 financial guidance. We can expect it to further go down on Thursday as well.