Here's Why Beyond Meat Stock Soared Today
Shares of plant-based meat company Beyond Meat (NASDAQ: BYND) soared on Thursday after the company reported financial results for the third quarter of 2022. But readers shouldn't believe that the market is celebrating Q3 results -- Beyond Meat stock was roughly flat in premarket trading. Rather, it appears the stock is gaining because of the broader market gains today. As of 1 p.m. ET, Beyond Meat stock was up 16%.
In Q3, Beyond Meat generated revenue of $82.5 million, which was down almost 23% from the prior-year quarter. The company's net loss came in at an astronomical $101.7 million. And management lowered full-year revenue guidance from a range of $470 million to $520 million to a range of $400 million to $425 million.
Wall Street didn't mince words about Beyond Meat's Q3 results. Mizuho analyst John Baumgartner said the "path for recovery is daunting," according to The Fly. Bernstein analyst Alexia Howard noted that the company's price per pound was down more than 11% year over year, showing a lack of pricing power. Baumgartner lowered the price target for Beyond Meat stock by 59% to just $11 per share; Howard lowered the price target by 60% to just $10 per share.
Source Fool.com
