Should Investors Buy the Dip in Beyond Meat Stock?
Beyond Meat's (NASDAQ: BYND) stock sank 9% to a new all-time low on Nov. 9 in response to its third-quarter earnings report. The plant-based meat maker's net revenue declined 22.5% year over year to $82.5 million and missed analysts' expectations by $2.1 million. Its net loss widened from $54.8 million to $101.7 million, which trickled down to a loss of $1.60 per share and broadly missed the consensus forecast by $0.45.
Beyond Meat expects its revenue to decline 9% to 14% for the full year, which would be a significant slowdown from its 14% growth in 2021, 37% growth in 2020, and 239% growth in 2019. That ongoing deceleration, along with its widening losses, drove away the bulls and attracted a sloth of bears. But could Beyond Meat's steep decline also represent a long-shot multibagger opportunity for investors?
Image source: Beyond Meat.
Source Fool.com
