TTCF Stock Price: Tattooed Chef Inc readies for a breakout as new vegan options hit mainstream

NASDAQ:TTCF gains 6.27% as it breaks out of a recent lull.
The popularity of prepared meals continues to grow as the COVID-19 quarantine rolls on.
On its recent investor call, TTCF believes it can reach $1 billion in revenue by 2026.

Stocks Reporter FXStreet

NASDAQ:TTCF has continued to see positive action to start 2021 as the stock recovers from a Kerrisdale short report that came out in November of 2020. That report caused shares to drop below $15 heading into December but on Tuesday, Tattooed Chef closed the trading session up 6.27% at $25.44. The recent surge has brought the stock well above its 50-day and 200-day moving averages and technical analysis fans are noting the recovery is forming a nice classic cup and handle pattern which could translate to increased momentum in the near future.

Tattooed Chef has been capitalizing on the recent COVID-19 quarantine as the popularity of prepared meals and meal kit services has exploded. With many people continuing to work from their homes and the restaurant industry either closed or not widely available, companies like Tattooed Chef and Blue Apron (NYSE:APRN) have taken advantage. Tattooed Chef has recently unveiled new vegan-friendly meals and desserts to accommodate the growing number of people on plant-based diets. Perhaps surprisingly, Tattooed Chef is looking to manufacture its own line of plant-based meat alternatives and not use popular brands like Impossible Foods or Beyond Meat (NASDAQ:BYND).

Tattooed Chef stock forecast

Prepared meals and food services is a tricky business to be in and it could be a while until Tattooed Chef sees profitability. On its recent investor call, the figure of $1 billion in revenue by the year 2026 was floated around, but the company will need to continue to add variety to its meal offerings and products if it wants to stay competitive.

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FXStreet

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