Beyond Meat (BYND, Financial) faced significant stock movement with a sharp decline of 5.05%. The stock is now trading at $5.55 with a trading volume of 2.267 million shares and a turnover rate of 3.48%, showcasing a price volatility of 6.34%.
The recent earnings report highlighted that Beyond Meat achieved a revenue of $81.01 million, but faced a net loss of $26.58 million, resulting in an earnings per share (EPS) of -$0.41. The company reported a gross profit of $13.71 million and a negative price-to-earnings (P/E) ratio of -1.32. Among 13 rating institutions, 54% suggested holding the stock, 46% recommended selling, and none advised buying.
Within the packaged food industry, where BYND operates, the sector saw an average decline of 0.41%. Other notable performers include Above Food Ingredients Inc C/Wts and Farmer Brothers Company with significant gains, while Blue Star Foods Corp. and Stryve Foods, Inc. remained actively traded with notable volatility.
Beyond Meat, a provider of plant-based meat alternatives, noted that its third-quarter revenue increased by 7.6% year-on-year, reaching $81 million, surpassing market expectations of $80.7 million. Although the adjusted EPS was a loss of $0.41, it was better than the predicted loss of $0.44. Sales in the U.S. retail and foodservice channels grew by 14.6% and 15.5%, respectively.
Despite surpassing revenue expectations, Beyond Meat revised its full-year revenue guidance to a range of $320 million to $330 million, down from the previous estimate of $320 million to $340 million. Analysts anticipated around $329 million.
