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

Beyond Meat (NASDAQ:BYND) announced its quarterly earnings results on Wednesday. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03, Briefing.com reports. The firm had revenue of $81.01 million for the quarter, compared to analysts’ expectations of $80.13 million. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.09) EPS. Beyond Meat updated its FY 2024 guidance to EPS.

Beyond Meat Stock Performance

BYND traded down $0.74 on Thursday, hitting $5.84. The company had a trading volume of 7,827,781 shares, compared to its average volume of 2,923,616. The stock has a fifty day moving average price of $6.36 and a 200-day moving average price of $6.61. Beyond Meat has a 12-month low of $5.13 and a 12-month high of $12.12. The stock has a market capitalization of $379.83 million, a price-to-earnings ratio of -1.20 and a beta of 2.28.

Analyst Upgrades and Downgrades

BYND has been the topic of several research reports. Mizuho cut their price target 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 cut their price target on Beyond Meat from $9.00 to $6.00 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Four investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, Beyond Meat currently has a consensus rating of “Reduce” and an average 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.