Why Beyond Meat Stock Is Getting Smoked
Portfolio Pulse from Adam Eckert
Beyond Meat Inc (NASDAQ:BYND) reported worse-than-expected Q2 results, with a 30.5% YoY drop in revenue to $102.1 million, missing the consensus estimate of $111.28 million. The company also reported a quarterly loss of 83 cents per share, missing analyst estimates for a loss of 81 cents per share. Following the results, BMO Capital cut its price target for Beyond Meat from $14 to $13. The company's shares were down 17.8% at the time of publication.
August 08, 2023 | 12:46 pm
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Beyond Meat's worse-than-expected Q2 results and BMO Capital's price target cut are likely to negatively impact the company's stock in the short term.
Beyond Meat's Q2 results fell short of expectations, with a significant drop in revenue and a larger than expected loss per share. This negative news, coupled with BMO Capital's decision to cut its price target for the company, is likely to negatively impact investor sentiment and put downward pressure on the stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100