Beyond Meat Stock Gets Slaughtered as Earnings Miss Expectations in a Beyond Big Way
Beyond Meat (NASDAQ: BYND), the leading maker of plant-based meat substitutes, reported disappointing third-quarter results after the market close on Monday.
Shares plunged 20.4% in after-hours trading, suggesting that their performance during Tuesday's regular trading session could be similarly unpalatable to investors. We can attribute the market's initial reaction largely to both revenue and earnings falling considerably short of Wall Street's consensus estimates. The absence of fourth-quarter guidance was likely also a contributing factor, as the market hates uncertainty.
Through the end of trading Monday, shares of Beyond Meat -- which held its initial public offering in May 2019 -- had gained 99.1% year to date. (Those 2020 gains fall to just under 44% if we include Monday's after-hours performance.) The S&P 500 has returned 11.6% over this period.
Source Fool.com
