Beyond Meat (NASDAQ:BYND) Posts Earnings Results, Misses Estimates By $0.02 EPS

Beyond Meat (NASDAQ:BYND) posted its quarterly earnings results on Wednesday. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.02), Briefing.com reports. The company had revenue of $93.19 million for the quarter, compared to analysts’ expectations of $87.81 million. Beyond Meat’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.83) earnings per share. Beyond Meat updated its FY 2024 guidance to EPS.

Beyond Meat Stock Down 2.1 %

BYND stock opened at $6.39 on Friday. The company’s 50-day simple moving average is $6.63 and its 200-day simple moving average is $7.14. The firm has a market cap of $414.62 million, a P/E ratio of -1.28 and a beta of 2.26. Beyond Meat has a 52-week low of $5.13 and a 52-week high of $13.40.

Analyst Ratings Changes

Several analysts recently issued reports on BYND shares. Mizuho decreased their target price on Beyond Meat from $7.00 to $6.00 and set an “underperform” rating on the stock in a research note on Monday, April 22nd. TD Cowen lowered their price objective on shares of Beyond Meat from $10.00 to $6.00 and set a “sell” rating on the stock in a report on Wednesday, April 17th. Canaccord Genuity Group decreased their price objective on shares of Beyond Meat from $9.00 to $7.00 and set a “hold” rating on the stock in a research report on Friday, May 10th. BMO Capital Markets reduced their price target on Beyond Meat from $9.00 to $6.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, The Goldman Sachs Group dropped their price objective on shares of Beyond Meat from $4.00 to $3.50 and set a “sell” rating for the company in a research note on Thursday, May 9th. Six research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $5.19.

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.