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

Beyond Meat (NASDAQ:BYND) released its quarterly earnings data on Wednesday. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.03, Briefing.com reports. The business had revenue of $81.01 million during the quarter, compared to analyst estimates of $80.13 million. Beyond Meat’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned ($1.09) EPS. Beyond Meat updated its FY 2024 guidance to EPS.

Beyond Meat Stock Performance

Shares of NASDAQ BYND traded down $0.14 during midday trading on Friday, reaching $5.70. 1,725,629 shares of the company’s stock were exchanged, compared to its average volume of 2,917,858. Beyond Meat has a 52-week low of $5.13 and a 52-week high of $12.12. The business’s fifty day moving average price is $6.36 and its two-hundred day moving average price is $6.61. The stock has a market capitalization of $370.73 million, a PE ratio of -1.20 and a beta of 2.28.

Wall Street Analyst Weigh In

A number of brokerages have commented on BYND. Mizuho reduced their price objective on Beyond Meat from $6.00 to $5.00 and set an “underperform” rating on the stock in a research note on Monday, August 26th. 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, August 8th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $5.42.

About Beyond Meat

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.