Why Beyond Meat Stock Skyrocketed Today
Shares of plant-based meat company Beyond Meat (NASDAQ: BYND) skyrocketed on Friday despite the disappointing numbers it put up for the second quarter. The broader market was trading lower during the session, analysts cut their price targets for Beyond Meat stock, and the company announced layoffs. Yet even with all of those things working against it, Beyond Meat was still up by a whopping 25.4% as of 1:30 p.m. ET. And short interest might have something to do with that bounce.
Let's start with the second-quarter numbers, which it delivered after the close Thursday. Net revenues were down 1.7% year over year to $147 million. U.S. sales were actually up 1% from the prior-year period, but international retail sales plunged by 7%.
On a positive note, Beyond Meat did sell 14.6% more pounds of product than it did in Q2 2021. However, its net revenue per pound was down, which is why revenue was basically flat. But it's important to note that this was by design. Management is trying to get the prices for its plant-based meat substitutes down to what comparable animal protein costs.
Source Fool.com