What's Going On With Beyond Meat's Stock?
Portfolio Pulse from Erica Kollmann
Beyond Meat, Inc. (NASDAQ:BYND) shares are trading higher on above-average volume following the announcement of its fourth generation Beyond Sausage. The company is also cutting its 2024 budget by $70 million. Despite these developments, the stock has fallen 25% year-to-date and faces a potential short-squeeze with 38.88% of shares sold short. Analysts have a mixed outlook with no positive ratings and an average 12-month price target of $6.3.
June 24, 2024 | 6:27 pm
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Beyond Meat shares are trading higher on above-average volume after launching its fourth generation Beyond Sausage and cutting its 2024 budget by $70 million. Despite these positive developments, the stock has fallen 25% year-to-date and faces a potential short-squeeze with 38.88% of shares sold short. Analysts have a mixed outlook with an average 12-month price target of $6.3.
The launch of a new product and budget cuts are positive developments that could drive short-term gains. However, the high short interest and mixed analyst ratings suggest caution. The stock's recent performance and analyst price targets indicate potential volatility.
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