Why Beyond Meat Stock Sank Today
Shares of plant-based meat company Beyond Meat (NASDAQ: BYND) sank on Thursday following an analyst note that warns of the company losing a major customer, which will contribute to ongoing cash burn. As of 1 p.m. ET, Beyond Meat stock was down 4% but had been down almost 10% earlier in the session.
As reported by Investing.com, BTIG analyst Peter Saleh issued a warning to clients about Beyond Meat's relationship with McDonald's. Beyond Meat is a partner in McDonald's McPlant burger, which according to Saleh is not selling very well. For this reason, the analyst doubts the McPlant will be on McDonald's national U.S. menu later this year.
Saleh also believes that Beyond Meat will burn between $440 million and $555 million this year.
Source Fool.com