Beyond Meat (NASDAQ:BYND) Announces Earnings Results, Beats Expectations By $0.03 EPS

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 business had revenue of $81.01 million for the quarter, compared to the consensus estimate of $80.13 million. During the same quarter last year, the business posted ($1.09) earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Beyond Meat updated its FY 2024 guidance to EPS.

Beyond Meat Trading Down 11.2 %

Shares of Beyond Meat stock traded down $0.74 during trading on Thursday, hitting $5.84. 7,827,781 shares of the stock traded hands, compared to its average volume of 2,923,616. The firm has a market cap of $379.83 million, a P/E ratio of -1.20 and a beta of 2.28. Beyond Meat has a 52-week low of $5.13 and a 52-week high of $12.12. The stock’s fifty day simple moving average is $6.36 and its 200 day simple moving average is $6.61.

Wall Street Analysts Forecast Growth

BYND has been the subject of several research analyst reports. BMO Capital Markets decreased their target price on Beyond Meat from $9.00 to $6.00 and set a “market perform” rating for the company in a research report on Thursday, August 8th. Mizuho decreased their target price on Beyond Meat from $6.00 to $5.00 and set an “underperform” rating for the company in a research report on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target 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.