Beyond Meat (NASDAQ:BYND) Posts Earnings Results

Beyond Meat (NASDAQ:BYND) announced its quarterly earnings data on Wednesday. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.05), RTT News reports. The firm had revenue of $75.60 million for the quarter, compared to the consensus estimate of $75.24 million. The firm’s revenue for the quarter was down 18.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.92) earnings per share. Beyond Meat updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Beyond Meat Trading Down 14.4 %

Shares of NASDAQ BYND opened at $7.03 on Friday. The business has a 50 day simple moving average of $7.56 and a 200-day simple moving average of $7.58. Beyond Meat has a twelve month low of $5.58 and a twelve month high of $19.25. The company has a market capitalization of $454.68 million, a price-to-earnings ratio of -1.34 and a beta of 2.42.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BYND. Mizuho dropped their price target on Beyond Meat from $7.00 to $6.00 and set an “underperform” rating for the company in a research note on Monday, April 22nd. Argus upgraded shares of Beyond Meat from a “sell” rating to a “hold” rating in a research note on Thursday, February 29th. TD Cowen cut their target price on shares of Beyond Meat from $10.00 to $6.00 and set a “sell” rating on the stock in a research note on Wednesday, April 17th. The Goldman Sachs Group lowered their price target on Beyond Meat from $4.00 to $3.50 and set a “sell” rating for the company in a report on Thursday. Finally, BMO Capital Markets reduced their price objective on Beyond Meat from $10.00 to $9.00 and set a “market perform” rating on the stock in a research note on Thursday. Six research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat.com, Beyond Meat currently has an average rating of “Reduce” and a consensus target price of $5.36.

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.