Beyond Meat Inc. shares reversed earlier gains and fell despite revenue that blew past analyst estimates.
More CoverageCompetition is also rapidly intensifying as big-food players catch up with faux meat products of their own, although Brown said Beyond Meat cut prices less than had been expected with all the new entrants. Still, Wall Street may be pricing in slower gains after the rapid share gains of the last year.
Beyond Meat, known for its volatility since its IPO last year, fell as much as 13% on Thursday after an initial gain in late trading. The stock closed down $6.37, or 5.6%, at $106.14. They had rallied more than 40% this year. The stock decline may also be a result of disappointment with the company’s decision to accelerate investments to grow the business, Bartashus said.Beyond Meat, along with rival Impossible Foods Inc., also can’t ignore growing doubts about China — a key growth market — amid the coronavirus outbreak. The virus has slowed Beyond Meat’s plans to start producing in China, Brown said, but it still expects to have production up and running in Asia this year.
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