The Adore Beauty Group Ltd (ASX: ABY) share price is not looking all too glamorous on Wednesday.
At the close, shares in the online cosmetics and skincare retailer were 12% worse compared to yesterday. As a result, the company is now sporting a share price of $1.94, giving Adore a market capitalisation of $182.6 million.
So, what's driving this less-than-glowing performance today?
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Clearing the air on the Adore Beauty share price
What a world of difference 24 hours can make. Yesterday, shares in Adore Beauty were on fire, skyrocketing more than 30%. This was in addition to several extremely strong trading sessions leading up to Tuesday.
As a result, the Australian Securities Exchange issued the company with a speeding ticket — prompting an explanation for the swift upwards move. Fast forward to today and we have our supposed answer to the sudden euphoria.
According to the release, Adore said it was aware of Temple & Webster Group Ltd (ASX: TPW) experiencing a 29.7% glow-up amid the release of its FY22 annual results.
Furthermore, the company referenced our coverage yesterday of Adore. The article referenced was titled Why is the Adore Beauty share price rocketing 19% on Tuesday?. Adore Beauty points out this article discussed the outsized performance of both Temple & Webster and the Adore Beauty share price on Tuesday.
However, Adore highlighted that it was not aware of whether or not Temple & Webster's results had any influence on its own share price. The company also noted it was unaware of future buying or selling intentions of a recent substantial shareholder, Woodson Funds.
Looking back
The recent rebound in value has acted as a reprieve to an otherwise painful year. Since the start of 2022, the seller of makeup and skincare products has endured a steady dismantling of value.
While the S&P/ASX 200 Index (ASX: XJO) is 6% in the red year-to-date, Adore is 52% underwater. This is even after a near 90% bounce back in the Adore Beauty share price.
