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

Beyond Meat (NASDAQ:BYND) announced its quarterly earnings results on Wednesday. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm earned ($1.09) earnings per share. The business’s revenue 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 BYND stock traded down $0.74 on Thursday, reaching $5.84. 7,827,781 shares of the company’s stock were exchanged, compared to its average volume of 2,923,616. The company’s fifty day simple moving average is $6.36 and its 200 day simple moving average is $6.61. The stock has a market capitalization of $379.83 million, a PE 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.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BYND. Mizuho cut their target price on shares of Beyond Meat from $6.00 to $5.00 and set an “underperform” rating for the company in a research report on Monday, August 26th. BMO Capital Markets cut their target price on shares of 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. Four investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, Beyond Meat currently has a consensus rating of “Reduce” and a consensus price target of $5.42.

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.