Why Beyond Meat Stock Dropped Today
Shares of Beyond Meat (NASDAQ: BYND) fell 7.1% on Monday after a previously bullish analyst slashed his rating on the plant-based food maker's stock.
Barclays analyst Benjamin Theurer cut his rating on Beyond Meat's stock from "overweight" to "underweight," citing a recovery in the traditional meat industry's supply chain. Beyond Meat saw higher demand during the early stages of the coronavirus pandemic, when grocery stores and consumers rushed to stock up on alternatives to out-of-stock meat. With more conventional meat products now back on store shelves, Theurer says Beyond Meat's sales could wane.
Barclays analyst Benjamin Theurer is bearish on Beyond Meat's stock. Image source: Getty Images.
Source Fool.com
