Beyond Meat Hit Hard By Lowered Guidance (BYND)

As one of my mentors used to say: Stocks are smarter than analysts (fund managers, brokers etc).

This stock seemed to know there was a problem.

Pre-market trade $93.54 down $15.08 (-13.88%)

From the company via Yahoo Finance:

Beyond Meat® Updates Third Quarter 2021 Outlook; Earnings Conference Call Scheduled for November 10, 2021

Beyond Meat, Inc. (NASDAQ: BYND) (the “Company”) today announced that the Company is reducing its third quarter net revenues outlook. The Company is proceeding through its quarterly close, and based on preliminary results, the Company now expects third quarter net revenues of approximately $106 million as compared to prior guidance of $120 million to $140 million. Although the Company’s previous third quarter guidance anticipated a sequential decline in net revenues, the deceleration was larger than anticipated. Multiple factors contributed to the shortfall during the quarter.

While the Company continues to study the drivers behind this quarter’s performance, the Company believes demand was impacted by broader ongoing macro and micro-economic factors, including among others, the effects of the COVID-19 Delta variant. The Company also experienced a decrease in retail orders that persisted longer than expected from a Canadian distributor coinciding with the reopening of restaurants, expected incremental orders that did not materialize from a change in a distributor servicing one of the Company’s large customers, observed delays in distribution expansion and shelf resets believed to be driven by customer labor shortages, and incurred shortfalls at certain U.S. foodservice customers believed to be driven by the effects of the COVID-19 Delta variant....

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