BEYOND MEAT, INC.

(BYND)
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Delayed Nasdaq  -  04:00 2022-08-18 pm EDT
33.22 USD   -4.29%
08/11BEYOND MEAT, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
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08/11INSIDER SELL : Beyond Meat
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08/08Mizuho Securities Adjusts Beyond Meat's Price Target to $27 From $21, Maintains Neutral Rating
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Beyond Meat reverses course after slipping below IPO price in choppy trading

05/12/2022 | 11:03am EDT
Products from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California

May 12 (Reuters) - Shares of Beyond Meat reversed course to gain as much as 12% in volatile trading after opening below their initial public offering price for the first time on Thursday following the vegan meat maker's bigger quarterly loss.

Shares tumbled as much as 22% to a record low of $20.50 and below the 2019 IPO price of $25. Trading in the stock was halted multiple times in the first hour.

At 10:58 a.m. ET, Beyond Meat was up 7%, mirroring the broader market that flipped course to trade higher.

Beyond Meat has seen its fortunes plummet in recent quarters as it battled increasing competition and surging inflation that has led Wall Street to fret over the possibility of the company needing more cash.

"They've got over $700 million in cash so they're not going bankrupt. The stock is down 87% from its high and I think people are saying at this level maybe I give it a shot," Thomas Hayes chairman Great Hill Capital in New York said.

"It's got enough margin of safety."

In the first quarter, cash used for operations surged to $165 million from about $31 million a year ago, as the plant-based meat pioneer diversified its product range.

"Beyond Meat's cost structure may be out of whack, and cash may run out by the end of next year," J.P. Morgan's Ken Goldman said.

"We worry that management's outlook is a bit out of balance with current realities."

On Wednesday, Chief Executive Officer Ethan Brown sought to address the concerns.

"I wouldn't take this quarter's cash consumption and then just kind of play it out and assume that we're out of cash based on that," he said, adding the company was taking "several measures" to reduce expenses.

So far this year, the stock is down about 60%.

About 42.1% of Beyond Meat's free float were in short position as of May 9, according to Ortex data, just off of an all-time high of 42.8% from last week.

(Reporting by Aishwarya Venugopal and Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -4.29% 33.22 Delayed Quote.-49.02%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.12% 181.3 End-of-day quote.9.81%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.05% 141.2 End-of-day quote.1.13%
NESTLÉ S.A. -0.38% 116.42 Delayed Quote.-8.30%
RÉALITÉS 0.00% 35.2 Real-time Quote.10.00%
All news about BEYOND MEAT, INC.
08/11BEYOND MEAT, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESU..
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08/11INSIDER SELL : Beyond Meat
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08/08Mizuho Securities Adjusts Beyond Meat's Price Target to $27 From $21, Maintains Neutral..
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Financials (USD)
Sales 2022 486 M - -
Net income 2022 -330 M - -
Net Debt 2022 716 M - -
P/E ratio 2022 -6,39x
Yield 2022 -
Capitalization 2 115 M 2 115 M -
EV / Sales 2022 5,83x
EV / Sales 2023 5,26x
Nbr of Employees 1 108
Free-Float 91,3%
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Technical analysis trends BEYOND MEAT, INC.
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 33,22 $
Average target price 25,94 $
Spread / Average Target -21,9%
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Managers and Directors
Ethan Walden Brown President, Chief Executive Officer & Director
Philip E Hardin Chief Financial Officer
Seth Goldman Chairman
Douglas Wayne Ramsey Chief Operating Officer
Raymond J. Lane Lead Independent Director
Sector and Competitors