Why Beyond Meat Stock Dropped Today
Shares of Beyond Meat (NASDAQ: BYND) dropped today after Bernstein analyst Alexia Howard said it will underperform the market and lowered the stock's price target. This reputable analyst's bearish sentiment has retail investors reconsidering their positions, sending shares lower. As of 10:30 a.m. EDT, Beyond Meat stock was down 3%, but had dropped as much as 5% earlier in the day.
Beyond Meat stock has experienced incredible gains in 2020. Even after today's pullback, shares have still gained over 140% so far this year, and over 37% in just the past month. Investors certainly shouldn't expect any stock to post monthly double-digit stock gains over the long term. This being the case, it's not unreasonable to say Beyond Meat stock will struggle to beat the market in the near term.
Image source: Beyond Meat.
Source Fool.com