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Why Beyond Meat Shares Are Falling

By Adam Eckert

Beyond Meat Inc (NASDAQ:BYND) shares are trading lower Thursday after the company reported worse-than-expected financial results.

Beyond Meat said first-quarter revenue increased 1.2% year-over-year to $109.45 million, which missed the estimate of $112.4 million, according to data from Benzinga Pro. The company reported a quarterly loss of $1.58 per share, which missed the estimate for a loss of $1.01 per share. 

Beyond Meat reaffirmed its previously issued full-year guidance. The company said it expects full-year 2022 revenue to be between $560 million and $620 million versus the $588.87-million estimate. 

Analyst Assessment: 

  • Barclays analyst Benjamin Theurer downgraded Beyond Meat from an Overweight rating to an Equal-Weight rating and lowered the price target from $80 to $25.
  • Piper Sandler analyst Michael Lavery maintained Beyond Meat with an Underweight rating and lowered the price target from $29 to $12.
  • Goldman Sachs analyst Adam Samuelson maintained Beyond Meat with a Sell rating and lowered the price target from $40 to $14.

See Also: Morning Brief: Top Financial Stories Dominating on Thursday, May 12

BYND Price Action: Beyond Meat shares are making new 52-week lows on Thursday.

The stock was down 26.2% at $19.31 at press time.

Photo: courtesy of Beyond Meat.

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