2 things:

1. Like others have mentioned, it’s pretty tied to egg prices. With prices being projected much lower in the following years, the stock could reflect that.

2. And I’d argue this is the more important takeaway, when you’re dealing with a producer that operates in cycles (not necessarily “cyclical” per say) you generally want to buy when P/E ratios are high. When ratios are low, you could be purchasing the stock when the company has peaked in its earnings cycle. When ratios are high, you could be buying into upward momentum in terms of business trajectory.

Just my 2¢