Shares of Beyond Meat (NASDAQ: BYND) stock dropped 31% in August, according to data provided by S&P Global Market Intelligence. The meat-alternative company posted another disappointing earnings report, and investors are moving on.

Beyond Meat was a stock market darling when it went public in 2019. It was demonstrating incredibly high growth, including several quarters of triple-digit sales growth. Its stock soared as the business grew, and it launched new products in new stores to keep up the momentum.

But after reaching a critical point, demand has softened. There are many new competitors, and the company hasn't penetrated the market of meat-eaters as it anticipated doing. Customers are moving on from what seems like an alternative-meat fad. It's not the only company in this situation; other brands are dealing with the same drop in demand as customers realize they like their meat real. In fact, competitor The Tattooed Chef filed for chapter 11 bankruptcy protection in June, and Impossible Foods never went through with an expected initial public offering.

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Source Fool.com