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Shares of Beyond Meat, Inc. (NASDAQ:BYND) are falling Monday after the meat substitute company rescheduled its third quarter earnings report to Nov. 11.
The company expects to record a non-cash impairment charge related to certain of its long-lived assets and said it needs additional time, resources and effort to finalize its assessment and quantify the amount.
Shares were down more than 10% following the news, according to Benzinga Pro.
Beyond Meat previously guided third quarter revenue to be in the range of $68 million to $73 million.
BYND Analysis: Beyond Meat’s stock is trading near its 52-week low of $0.50. This significant decline reflects ongoing challenges for the company, with a year-to-date performance down 63.6%, indicating a persistent bearish sentiment among investors.
From a technical perspective, Beyond Meat is trading approximately 38.3% below its 50-day moving average of $2.26 and about 53.3% below its 200-day moving average of $2.99. The Relative Strength Index (RSI) sits at 45.58, signaling a neutral position, which suggests that the stock may not be oversold or overbought at this juncture. The lack of immediate resistance levels indicates a potential for further downside if the stock cannot hold above its calculated support level of $1.23.
The 52-week range of $0.50 to $7.69 highlights the volatility and uncertainty surrounding Beyond Meat’s stock. As it approaches its lower boundary, the market may be looking for signs of stabilization or a reversal. However, the absence of significant resistance levels complicates the outlook, as any recovery would need to overcome substantial overhead supply.
BYND Price Action: Beyond Meat shares were down 16.02% at $1.39 at the time of publication on Monday, according to Benzinga Pro.
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