Clorox stock being flushed as cleaning frenzy wanes
The firm is currently in third place for the worst performance on the S&P 500 over the past 12 months.
The Clorox Company – whose bleach products flew off the shelves at the beginning of the coronavirus pandemic in 2020 – has seen a steady decline in its stock price over the past year or so, leaving the company in third place for the worst performance on the S&P 500 for the past 12 months.
When COVID-19 presented itself in the U.S. early last year, the CDC recommended Americans wipe down surfaces like doorknobs and packages in order to stop the spread of the virus using disinfectant sprays or wipes. Soon, Clorox wipes and other cleaning products were gone as soon as they were stocked, sparking nationwide shortages.
Investors saw an opportunity with the run on cleaning products, and Clorox went from $152.00 per share at the beginning of January 2020 to its peak of $237.49 on Aug. 7 – a 64% increase.
But since then, things have gone downhill. Clorox has declined 18.5% from 12 months ago, leaving them the lowest performance on the S&P during the time period besides Citrix Systems, Inc. at -21.4% and Vertex Pharmaceuticals Inc. at -29.4%.
|CLX||THE CLOROX CO.||157.50||+2.89||+1.87%|
|VRTX||VERTEX PHARMACEUTICALS INC.||314.39||+9.64||+3.16%|
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Clorox had a hard time ramping up production to meet demand throughout much of the pandemic, even warning in December that shortages would likely stretch through the first half of this year while vowing to ramp up production. Now, the company itself is even giving a comparatively anemic forecast.