Beyond Meat (NASDAQ:BYND) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Beyond Meat (NASDAQ:BYND) posted its quarterly earnings data 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 firm had revenue of $81.01 million during the quarter, compared to the consensus estimate of $80.13 million. During the same period in the prior year, the firm posted ($1.09) EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. Beyond Meat updated its FY 2024 guidance to EPS.

Beyond Meat Stock Down 8.0 %

Shares of Beyond Meat stock traded down $0.47 during midday trading on Friday, hitting $5.37. The company’s stock had a trading volume of 5,475,797 shares, compared to its average volume of 2,935,348. Beyond Meat has a 1-year low of $5.13 and a 1-year high of $12.12. The firm has a market capitalization of $349.26 million, a P/E ratio of -1.10 and a beta of 2.28. The stock has a 50-day simple moving average of $6.35 and a 200-day simple moving average of $6.60.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. BMO Capital Markets dropped their price target on shares of Beyond Meat from $9.00 to $6.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Mizuho cut their price objective 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. Based on data from MarketBeat.com, Beyond Meat presently has an average rating of “Reduce” and a consensus target price 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.