Beyond Meat Inc (NASDAQ:BYND) shares are trading lower Thursday after the company reported worse-than-expected financial results.
Beyond Meat said first-quarter revenue increased 1.2% year-over-year to $109.45 million, which missed the estimate of $112.4 million, according to data from Benzinga Pro. The company reported a quarterly loss of $1.58 per share, which missed the estimate for a loss of $1.01 per share.
Beyond Meat reaffirmed its previously issued full-year guidance. The company said it expects full-year 2022 revenue to be between $560 million and $620 million versus the $588.87-million estimate.
Analyst Assessment:
- Barclays analyst Benjamin Theurer downgraded Beyond Meat from an Overweight rating to an Equal-Weight rating and lowered the price target from $80 to $25.
- Piper Sandler analyst Michael Lavery maintained Beyond Meat with an Underweight rating and lowered the price target from $29 to $12.
- Goldman Sachs analyst Adam Samuelson maintained Beyond Meat with a Sell rating and lowered the price target from $40 to $14.
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BYND Price Action: Beyond Meat shares are making new 52-week lows on Thursday.
The stock was down 26.2% at $19.31 at press time.
Photo: courtesy of Beyond Meat.
