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Here's Why Middleby Stock Sank 49% in March

TheMotleyFool

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Here's Why Middleby Stock Sank 49% in MarchPhoto, wide shot, wide-angle lens, Home decor store, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/1f534af1-8f1f-47f4-aa9f-66269ecafb79.png

Shares of food-equipment company Middleby (NASDAQ: MIDD) fell 49.1% in March, according to data provided by S&P Global Market Intelligence. The fall marks a miserable month for food-equipment companies, as well as other businesses with exposure to the foodservice industry.

The chart below shows the decline in Middleby's stock in 2020 alongside two of its food-equipment technology peers, Welbilt and John Bean Technologies. It's been a brutal decline in 2020, and investors don't have to look far to see the reason why.