Despite some encouraging growth signs, Wall Street still has little taste for Beyond Meat (NASDAQ: BYND) stock.

The good news is the plant-based meat specialist is making progress in its turnaround plan. Margins are improving, and inventory levels are much lower than they were a year ago. Yet the stock is still underperforming the market by a wide margin. Shares are down over 40% so far in 2023 compared to a 19% spike in the S 500.

Those declines are well deserved. Even though Beyond Meat might look tempting after its big discount this year, most investors will want to avoid the stock. Here's why.

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Source Fool.com