Bark Stock (BARK): Why The Price Surged Today

By Amit Chowdhry ● Jan 11, 2022
  • The stock price of Bark Inc (NYSE: BARK) increased by over 20% during intraday trading today. This is why it happened.

The stock price of Bark Inc (NYSE: BARK) – a leading global omnichannel brand for dogs and their people – increased by over 20% during intraday trading today. Investors are responding positively to BARK announcing that Matt Meeker, Co-Founder and Executive Chairman of BARK, will become Chief Executive Officer, effective immediately. 

Meeker had served as Chief Executive Officer of BARK for 9 years following its inception in 2011. And the incumbent Chief Executive Officer Manish Joneja has informed the Board of Directors of his desire to resign in order to remain closer to his family in Seattle and will serve as an advisor to the company through April 2022 to ensure a smooth transition.

BARK had announced preliminary fiscal third-quarter 2022 revenue of $140 million, a 33.1% increase compared to the same period last year. And BARK had previously provided fiscal third-quarter guidance of $137 million to $139 million. Through the first 3 quarters of fiscal 2022, BARK’s top-line has increased approximately 41.8% to $377.8 million, compared to the same period in fiscal 2021.

The company will be participating in a fireside chat at the upcoming ICR Conference, held virtually, on Tuesday, January 11, 2022, at 10:00 a.m. Eastern Time. Meeker will participate in the event.

The preliminary financial results provided above are based on the company’s current estimate of its fiscal third-quarter 2022 revenue and remain subject to change based on completion of the financial review of the quarter and the execution of internal controls and financial reporting. And BARK intends to report its full fiscal third-quarter 2022 results in February 2022.

KEY QUOTES:

“I am eager to resume the role of Chief Executive Officer and build on the momentum that Manish and the talented team at BARK have achieved. I believe that the next few years will be transformative for BARK as we leverage our scale and brand to grow our footprint in areas like food and health—initiatives that I am passionate about personally.”

“Our robust holiday season and strong results underscore the power of our brand and our unique value proposition as one of the largest vertically integrated and digitally native dog companies in the world today. Everyone at BARK would like to thank Manish for his many important contributions to our mission of making all dogs happy and we wish him the very best.”

— Matt Meeker, Co-Founder and Executive Chairman of BARK

“It has been a privilege to lead BARK in our commitment to making all dogs happy. I have had the honor of partnering with BARK’s visionary founders, the Board and many talented team members. We have built an incredible team that strongly positions BARK to capitalize on the tremendous opportunities ahead. It was a difficult decision but one that was best for my family and lets me stay on the West Coast. I am confident that I am leaving the company in great hands.”

— Manish Joneja, Outgoing CEO

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.