Barclays says the "alternative meat" market could account for around 10 per cent of all global meat sales, or up to US$140 billion, in 10 years.
The shares fell as much as 17% to $139.30 just after the NY open. J.P. Morgan's Goldman cut his rating to neutral from overweight, but nudged up his price target to $121, which is 28% below current levels, from $120.
Since then, shares have more than doubled, ending last Friday's session at US$139.13, up a stunning 39.4 per cent after the company said it anticipates sales growth of 140 per cent. The company sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love, and The Cookout Classic brand names.
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No longer at the food fringes, plant-based meats are selling well in supermarkets and emerging as a hot commodity for fast food chains, industrial food companies and Wall Street investors.
Bernstein cited the "highly volatile" trading of BYND since its May 2 initial public offering, downgrading the stock from Outperform to Market Perform with a target price of $123. William Blair began coverage on shares of Beyond Meat in a research report on Tuesday, May 28th. The company reported ($0.14) earnings per share for the quarter, meeting the Zacks' consensus estimate of ($0.14). With retail sales accounting for $19.6 million in Q1 revenue (about half of Beyond's total business), the company is likely hoping that a more "lifelike" burger can boost that number with the number of players in the space soon to expand. The business's revenue for the quarter was up 214.1% compared to the same quarter a year ago. Jefferies has a Hold rating with a $105 target. The stock was acquired at an average price of $25.00 per share, with a total value of $736,050.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.
TRADEMARK VIOLATION NOTICE: "Beyond Meat (NASDAQ:BYND) Shares Gap Up to $168.10" was first published by Tech Know Bits and is owned by of Tech Know Bits. 'It's part of our philosophy and our approach to innovation that we're going to be constantly iterating, ' Brown said, adding that the company is always working to make the flavor, aroma, appearance and texture of its meat alternatives more realistic.