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Why Beyond Meat Shares Are Falling Today

Beyond Meat Inc (NASDAQ: BYND) is trading significantly lower Thursday after the company announced worse-than-expected third-quarter financial results and issued fourth-quarter guidance below estimates.

Beyond Meat reported a quarterly earnings loss of 87 cents per share, which came in below the estimate for a loss of 39 cents per share. The company reported quarterly revenue of $106.4 million, which came in below the estimate of $109.21 million.

Beyond Meat expects fourth-quarter revenue to be in a range of $85 million to $110 million versus the estimate of $131.6 million.

View more earnings on BYND

“Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth,” said Ethan Brown, president and CEO of Beyond Meat.

  • Bernstein analyst Alexia Howard downgraded Beyond Meat from an Outperform rating to a Market Perform rating and announced a $100 price target.

  • Credit Suisse analyst Robert Moskow maintained Beyond Meat with an Underperform rating and lowered the price target from $75 to $60.

See Also: 5 Stocks To Watch For November 11, 2021

BYND Price Action: Beyond Meat has traded as high as $221 and as low as $91.55 over a 52-week period.

The stock was down 17.30% at $78.19 at time of publication.

Photo: courtesy of Beyond Meat.

Latest Ratings for BYND

Nov 2021

Piper Sandler

Maintains

Underweight

Nov 2021

Credit Suisse

Maintains

Underperform

Nov 2021

Bernstein

Downgrades

Outperform

Market Perform

View More Analyst Ratings for BYND
View the Latest Analyst Ratings

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