Did Beyond Meat Stock Just Turn a Corner?
Beyond Meat (NASDAQ: BYND) has been struggling mightily amid inflation. Shares of the fake-meat company plunged 81% last year because its growth was nonexistent and profitability looked like nothing more than a pipe dream. But after the company's most recent earnings results, investors appear to have some renewed hope. Beyond Meat beat expectations for the fourth quarter.
Shares of Beyond Meat have rallied 47% this year. But will this prove to be short-lived optimism, or has the stock really turned a corner, and is now the time to buy?
For the period ended December 31, 2022, Beyond Meat's sales came in at $79.9 million -- higher than the $75.7 million that analysts were expecting from the business. But this was still a year-over-year decline of 21%; a year ago, the company's revenue totaled $100.7 million. And this, unfortunately, is part of a downward trend that has persisted for several quarters.
Source Fool.com
