Beyond Meat (NASDAQ:BYND) Issues Quarterly Earnings Results

Beyond Meat (NASDAQ:BYND) released its earnings results on Wednesday. The company reported ($0.41) earnings per share for the quarter, topping 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 the consensus estimate of $80.13 million. During the same period in the previous year, the firm posted ($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 2.4 %

NASDAQ:BYND traded down $0.14 during mid-day trading on Friday, hitting $5.70. The stock had a trading volume of 1,725,629 shares, compared to its average volume of 2,917,858. The company has a 50 day simple moving average of $6.36 and a 200-day simple moving average of $6.61. Beyond Meat has a 52 week low of $5.13 and a 52 week high of $12.12. The stock has a market capitalization of $370.73 million, a price-to-earnings ratio of -1.20 and a beta of 2.28.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BYND. BMO Capital Markets cut their price objective 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 report 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, the stock has an average rating of “Reduce” and a consensus target price of $5.42.

About Beyond Meat

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.