Why Beyond Meat Was Tanking on Tuesday
Investors had a bad taste in their mouths with alt-protein food maker Beyond Meat (NASDAQ: BYND) on Tuesday. In late afternoon trading, the company's stock was down by over 5% following the publication of a bearish analyst note.
Tuesday morning, global financial services mainstay HSBC Holdings initiated coverage on Beyond Meat shares. The company probably wishes the bank hadn't; analyst Jeremy Fialko put a reduce (sell) tag on the stock, at a $62 per share price target. That's a fairly steep 17% below Monday's closing stock price.
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Source Fool.com