How the Restaurant Reopening Is Crushing Beyond Meat's Dreams
Shares of plant-based meat maker Beyond Meat (NASDAQ: BYND) have slid to $102 per share, the lowest it's been since first breaking through the $100 barrier 16 months ago. The slump comes as competition stacks up and sales wind down with the end of COVID-19 lockdowns. As Americans turn to eating out rather than preparing food at home, new research indicates Beyond Meat's products are struggling. Potential investors might want to wait and see what happens before investing. Let's take a closer look.
Sales of Beyond Meat's plant-based meat products appear to be under pressure from opposite directions. As the lifting of COVID restrictions in many places lets people get back to enjoying a dine-in experience at a restaurant, demand for at-home meal ingredients is waning. Not entirely, of course. Eating at home still remains a more frequent choice than before the pandemic. (August restaurant dining was 5% higher this year than the prior one though still 5% lower than in 2019.)
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Source Fool.com
