Beyond Meat Stock Is Falling After Hours: What's Happening?
Portfolio Pulse from Adam Eckert
Beyond Meat Inc (NASDAQ:BYND) shares fell in after-hours trading following the company's announcement of a mixed securities shelf offering of up to $250 million. This offering could include various securities such as common stock, preferred stock, debt securities, and more. Beyond Meat reported $205.9 million in cash and equivalents and $1.1 billion in debt as of the end of December. The stock has underperformed the broader market, losing about 45% over the past year. Analysts have set an average one-year price target of $8.50 for BYND, with a high of $10 and a low of $7. After-hours trading saw the stock down 6.14% at $7.80.
March 18, 2024 | 9:11 pm
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Beyond Meat announced a mixed securities shelf offering of up to $250 million, which includes various securities. The company has $205.9 million in cash and equivalents and $1.1 billion in debt. Analysts have an average one-year price target of $8.50 for BYND, with the stock currently down 6.14% in after-hours trading.
The announcement of a mixed securities shelf offering could dilute current shareholders' equity, typically leading to a negative short-term impact on the stock price. The company's significant debt level and recent underperformance further contribute to the negative outlook. However, the presence of a specific price target from analysts provides a somewhat stabilizing factor, though it's relatively close to the current trading price, indicating limited upside potential.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100