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From Yahoo Finance:
Beyond Meat plummets after earnings miss, Opendoor pops
Plant-based company Beyond Meat missed on earnings, on Wednesday, sending the stock down on Thursday. Yahoo Finance’s Brian Sozzi and Emily McCormick discuss the details.
Video Transcript
JULIE HYMAN: Let us talk fake meat now. Beyond Meat out with its numbers as well. And this was a stinker, I think it's safe to say, for Beyond Meat. A stinker on top of what has already been a tough year for the company, with its already having cut its forecasts. Now it's coming out with a fourth quarter forecast that is below-- pretty well below-- what analysts had been looking for.
The top end of its revenue forecast for the fourth quarter $110 million. Analysts had been estimating on average $131.5 million. And the company's numbers last quarter also not looking great here. So what's going on? You see that the loss-- wider than estimated. Soz, you covered this company closely. What's going on at Beyond Meat?
BRIAN SOZZI: I think it's a combination of the pandemic and growing pains. I mean, the company is putting a lot of capital and expenses and man hours to work to reach its vision of just being this global protein provider. They're building out a lot of capacity to also support their sandwiches that are now starting to hit the market around the world with McDonald's.
But not a good quarter. I mean, there's no other way to say it here. And now you're really seeing the Street come out here and revolt against Beyond Meat. They were giving Beyond Meat somewhat a benefit of a doubt after their challenging second quarter, but no longer. I just got a note a couple of seconds ago from Jefferies' Rob Dickerson, who covers this space, saying, quote, "This was the quarter that likely broke the camel's back."
Also saying, it's just that simple, they had cut their revenue forecast by 30% over the next two years, price target now $90 over at Jefferies on Beyond Meat. Not a good quarter, the stock's going to stay in the penalty box here....
And:
Beyond Meat shares fall as Wall Street appetite fades on forecast
Previously:Oct. 26
Beyond Meat Cut To Underperform By Credit Suisse, Price Target $75 (BYND)
Oct. 22
Beyond Meat Hit Hard By Lowered Guidance (BYND)
October 8
Beyond Meat Does Not Look Well (BYND)
September 7
UPDATED—Beyond Meat: The Thrill Is Gone (BYND)
