Beyond Meat stocks plummeted after Monday’s closing bell when the company released its second-quarter earnings report, despite trading up for shorter periods.
Concerning investors first was news that the company lost 24 cents in revenue-per-share, far more than the 8 cents anticipated by the financial markets data firm Refinitiv. Then the company announced that it would pursue a secondary offering, selling more shares in the company from common and company-owned stock.
On the positive side, the company’s revenues came in nearly $15 million more than expected, at $67.3 million. That growth constituted a 287 percent jump in revenue from the same period in 2018.
The company has now raised annual revenue guidance from $210 million to $240 million.
Earlier this year, Beyond Meat ($BYND) saw one of the most successful public offerings in 2019.
“The main reason that Beyond Meat is up 800 percent since day one of the IPO is not earnings-per-share, but revenue growth. The plant-based meat sector still has 1 percent market share of the overall meat market,” said Jason Rotman, the director of EverPlus Capital.
“If Beyond Meat could even capture 1 to 2 percent of the overall meat purchases of the consumers, this stock could literally be many multiples higher than it is now over the next few years.”
The company has clung to its first-mover advantage as competitor Impossible Foods, with about $700 million raised in fundraising, has opted to stay private.
Beyond Meat, unlike Impossible Foods, has typically focused first on introducing its product in retail.
But the company has recently racked up several major deals with fast-casual and fast food chains, including, most recently, Dunkin’.
WWE’s weekly television show, “Raw,” will move to Netflix next year as part of a major streaming deal worth more than $5 billion. WWE, which is part of TKO Group Holdings Inc., said Tuesday that “Raw” will air on Netflix starting in January 2025.
Propublica national reporter Peter Elkind shares details on his investigation into how scammers stole over $1 billion using Walmart's gift cards and financial services, and how consumers can protect themselves.
Ed Siddell, CEO and Chief Investment Advisor at EGIS financial explains why election years tend to cause bull markets, the latest inflation data, and why he’s concerned about the ‘debt bubble.’
Archer Aviation founder and CEO Adam Goldstein shares big news about the aerospace company's new partnership with NASA and why they want to make your trip to the airport just five minutes long.
iFit CEO Kevin Duffy shares how the company is bringing artificial intelligence-powered workouts to consumers, plus other fitness trends to be on the lookout for in 2024.
Macy’s is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan. The firms offered $21 per share for the stock they don’t already own.
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
