Open CFD account Free Demo
Call: +248 4 671 903 Mail: [email protected]
Log In Open Account
Log In Open Account
Log In Open Account
News & Analysis
Open Account
News & Analysis
Open Account

Beyond Meat posts disappointing Q1 results – the stock is falling

12 May 2022 By Klavs Valters

Share

Beyond Meat Inc. (BYND) reported its first quarter financial results after the closing bell in the US on Wednesday.

The US plant-based meat producer reported revenue that fell short of analyst estimates at $109.455 million (up by 1.2% year-over-year) vs. $112.398 million expected.

Loss per share reported at -$1.58 per share, higher than estimate of -$0.97 loss per share.

”In the first quarter, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in the restaurant industry, the market success of our first product collaboration with PepsiCo, or the continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for our long-term growth,” President and CEO, Ethan Brown said in a press release after the results.

”Though we recognize that the decisions we are making today in support of our long-run ambition have contributed to challenging near-term results, including a sizable though temporary reduction in gross margin as we took cost-intensive measures to support important strategic launches, we are confident in the future we are building while advancing our mission to bring plant-based meats and their attendant health, climate, natural resource, and animal welfare benefits to consumers around the world,” Brown added.

Beyond Meat Inc. chart

Shares of Beyond Meat were down by 13.83% at the end of trading day on Wednesday at $26 per share. The stock fell sharply in the after-hours trading following the disappointing first quarter results, down by over 22%.

Here is how the stock has performed in the past year:

  • 1 Month -41.87%
  • 3 Month -58.24%
  • Year-to-date -59.84%
  • 1 Year -75.07%

Beyond Meat price targets

  • UBS: $48
  • Goldman Sachs: $40
  • JP Morgan: $32
  • Mizuho: $35
  • Barclays: $80

Beyond Meat Inc. is the 3547th largest company in the world with a market cap of $1.66 billion.

You can trade Beyond Meat Inc. (BYND) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: Beyond Meat Inc., TradingView, CompaniesMarketCap

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#Economy #Economics #Finance #Markets