Why Hayward Holdings Stock Surged Today
It's been a volatile few years for pool and outdoor living technology company Hayward Holdings (NYSE: HAYW), but investors were feeling good about the stock today after a positive set of earnings sent the stock up 16% by 11 a.m.
Peers like and Pool Corp. were darlings of the market when the pandemic hit and lockdown measures brought about a boom in spending on recreational activity at home. Their soaring profitability and valuations encouraged Hayward Holdings to the market in 2021, only for all three of these stocks to start being sold off in 2022 as the market started pricing in the inevitable slowdown from previous torrid rates of growth.
A natural sales correction was compounded by a rising rate environment and pressure on consumer discretionary spending, and it was no surprise to see Hayward Holdings reporting a sales decline in its full-year earnings release today.
Source Fool.com
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