Beyond Meat Trades Lower As Analysts Remain Cautious: What's Going On?
Portfolio Pulse from Vaishali Prayag
Beyond Meat (NASDAQ:BYND) reported a revenue decline of 8.8% year-over-year in its second-quarter financial results but managed to beat Wall Street expectations with $93.2 million in revenue. The company reported a larger-than-expected adjusted loss of 53 cents per share. CEO Ethan Brown expressed optimism for 2024, despite the company having $1.1 billion in outstanding debt. Analysts remain cautious, with BMO Capital lowering the price target from $9 to $6. Beyond Meat shares were down 7.12%, trading at $5.94.
August 12, 2024 | 8:03 pm
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Beyond Meat reported a revenue decline of 8.8% year-over-year but beat Wall Street expectations with $93.2 million in revenue. The company reported a larger-than-expected adjusted loss of 53 cents per share. Analysts remain cautious, with BMO Capital lowering the price target from $9 to $6. Shares were down 7.12%, trading at $5.94.
Despite beating revenue expectations, Beyond Meat reported a larger-than-expected loss and has significant outstanding debt. Analysts remain cautious, and BMO Capital lowered the price target, contributing to a 7.12% drop in share price.
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