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Shares of Beyond Meat Inc (NASDAQ:BYND) are trading lower Tuesday morning after the plant-based meat company reported third-quarter financial results that missed analyst expectations and provided a weak forecast for the fourth quarter.
What To Know: The company announced third-quarter net revenues of $70.2 million, marking a 13.3% decrease year-over-year and falling short of the consensus estimate of $68.96 million.
The decline was attributed to a 10.3% drop in product volume sold and a 3.5% decrease in net revenue per pound, driven by weak category demand. The U.S. retail and foodservice segments were hit hardest, declining 18.4% and 27.3%, respectively.
Beyond Meat posted a net loss of $1.44 per common share, or an adjusted loss of 47 cents per share, missing the Street’s estimate for a 31-cent loss.
For the fourth quarter, the company expects net revenues between $60 million and $65 million, below the consensus estimate of $70 million.
CEO Ethan Brown noted the company has achieved “three important building blocks” for its transformation, including reducing leverage, extending debt maturity and adding liquidity.
Benzinga Edge Rankings: Adding to the bearish sentiment, Benzinga Edge rankings show a low Momentum score of 4.01 and a negative price trend across short, medium and long terms.
BYND Price Action: Beyond Meat shares were down 8.58% at $1.23 at the time of publication on Tuesday, according to Benzinga Pro data.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Beyond Meat’s case, it is in the Consumer Staples sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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Posted In: BYND
