Why Beyond Meat Stock Fell 7% on Thursday
Beyond Meat (NASDAQ: BYND) investors lost ground in the market on Thursday ahead of the plant-based meat specialist's imminent earnings release. Shares fell 7% by 3 p.m. ET, compared with a 0.1% drop in the S&P 500. That slump added to significant short-term losses for the food stock, which is down roughly 50% so far in 2022.
It came as investors worried about bad news on the way from the management team in an earnings update scheduled for later on Thursday afternoon.
Beyond Meat will report operating results for the selling period that ran through late June. Expectations are low heading into that announcement -- and for good reason. The company in May reported sluggish sales growth to start fiscal 2022, with revenue rising just 1%. Most Wall Street pros are looking for another period of nearly zero growth in the second quarter as revenue holds steady at $150 million.
Source Fool.com
