Beyond Meat (NASDAQ:BYND) Issues Quarterly Earnings Results

Beyond Meat (NASDAQ:BYND) posted its earnings results on Wednesday. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.03, Briefing.com reports. The company had revenue of $81.01 million during the quarter, compared to analysts’ expectations of $80.13 million. During the same quarter last year, the firm earned ($1.09) EPS. Beyond Meat’s revenue for the quarter was up 7.6% on a year-over-year basis. Beyond Meat updated its FY 2024 guidance to EPS.

Beyond Meat Trading Down 11.2 %

Shares of BYND stock traded down $0.74 during trading hours on Thursday, reaching $5.84. 7,827,781 shares of the company’s stock were exchanged, compared to its average volume of 2,923,616. Beyond Meat has a 1 year low of $5.13 and a 1 year high of $12.12. The stock has a market cap of $379.83 million, a PE ratio of -1.20 and a beta of 2.28. The stock’s fifty day moving average price is $6.36 and its two-hundred day moving average price is $6.61.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BYND shares. BMO Capital Markets cut their target price on Beyond Meat from $9.00 to $6.00 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Mizuho dropped their price target on Beyond Meat from $6.00 to $5.00 and set an “underperform” rating on the stock in a research note on Monday, August 26th. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $5.42.

Beyond Meat Company Profile

Beyond Meat, Inc, a plant-based meat company, develops, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells a range of plant-based meat products across the platforms of beef, pork, and poultry. It sells its products through grocery, mass merchandiser, club stores, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.