Analysts expect a 14% decline in revenue and a wider adjusted loss.
- Beyond Meat is set to report its third-quarter results after the market closes on Monday, following a postponement of the release last week.
- Analysts expect a 14% decline in revenue and a wider adjusted loss.
- Stocktwits sentiment for BYND was ‘bearish’ as of early Monday.
Beyond Meat, Inc.’s shares gained 5.8% in early premarket trading on Monday, as investors await its delayed third-quarter report, scheduled to be released after the market closes.
Beyond Meat postponed its report, which was earlier scheduled for last Monday – a move that sent its shares plunging 16% that day. In a statement last week, the company said it was reviewing the quantum of a markdown of plant, property, and equipment assets.
“Although the Company expects this charge to be material, the Company is not yet able to reasonably quantify the amount, and requires additional time, resources and effort to finalize its assessment,” per a press release.
Q3 Earnings Expectations
Analysts expect the faux meat company to report a nearly 14% decline in third-quarter revenue to $69.8 million, according to Koyfin. Adjusted loss is expected to be $0.43 per share, wider than the $0.41 per share loss in the year-ago quarter.
In the meantime, the retail sentiment for BYND ticked lower over the last week and was ‘bearish’ as of early Monday.
“$BYND I love that this company has d***** fundamentals but we’re gonna make it work anyways,” echoing the rallying tone often used by retail traders banding together to pump a stock.
Meme-Rally Keeps Stock In Spotlight
Beyond Meat’s stock is high on investors’ radar after its meme-driven rally last month, rising from a sub-$2 price to nearly $8 at one point. The stock was also added to the Roundhill Meme Stock ETF (MEME), drawing interest from more institutional investors.
Following a strong stock market debut in 2019 and an initial successful run, including a joint venture with PepsiCo in 2021, Beyond Meat has struggled to find buyers for its meat alternatives. From a peak of over $222 just after its IPO, the company’s shares have traded below $10 since late 2023, and its annual sales have declined over the past three years.
The company has never generated an annual profit, and recent media reports suggest that it may have considered filing for bankruptcy. Beyond Meat denied those reports in August.
Year-to-date, BYND shares have declined 63%.
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