Down 20% in 2023, Is Beyond Meat Stock a Buy Now?
Beyond Meat (NASDAQ: BYND) investors had a forgettable 2023. Shares of the plant-based meat specialist declined 20% through mid-December even as the broader market rallied. The beaten-down stock is more than 90% below the peak levels it reached in early 2021, back when consumers were enthusiastic about trying out its meat substitute products.
Things have changed dramatically since then. Shoppers are back to more normal spending patterns around traditional meats like poultry and beef. Beyond Meat has been slow to adjust to this demand shift, too. As a result, the company is losing money on both a gross profit and net profit basis as we approach 2024.
The good news is the stock is available at a big discount that reflects these challenges. With that prospect for a rebound in mind, let's look at whether investors should consider putting Beyond Meat in their shopping baskets for 2024.
Source Fool.com
