Why Beyond Meat Stock Crashed and Burned This Week
Beyond Meat (NASDAQ: BYND) was raked over the coals this week, plunging as much as 24.3%, pushing the stock to the lowest level since its initial public offering in mid-2019. As of 3:02 p.m. ET on Friday, the stock was still down 23.5% for the week.
The catalyst that sent the maker of plant-based meat substitutes cratering was a first-quarter financial report, released last week, that was far worse than investors anticipated.
Beyond Meat reported revenue of $109.5 million, up 1.2% year over year. Things went from bad to worse, as its gross profit margin of 0.2% was far worse than the 30.2% recorded in the prior-year quarter. This resulted in a net loss of $100.5 million, or a loss per share of $1.58.
Source Fool.com
