SPY422.11-2.37 -0.56%
DIA340.76-2.65 -0.77%
IXIC14,039.68-33.17 -0.24%

Why Shares Of Beyond Meat Are Trading Lower Today

Beyond Meat (NASDAQ: BYND) shares are trading lower after the company reported worse-than-expected Q1 EPS and sales results and said it continues to experience 'significantly reduced demand in its foodservice channel' due to the COVID-19 pandemic.

05/07/2021 10:14

Beyond Meat (NASDAQ:BYND) shares are trading lower after the company reported worse-than-expected Q1 EPS and sales results and said it continues to experience 'significantly reduced demand in its foodservice channel' due to the COVID-19 pandemic. The company also said retail customer demand has moderated since the early stages of the pandemic.

Goldman Sachs maintained a Sell rating on the stock and lowered its price target from $112 to $99 following the report.

Beyond Meat is a provider of plant-based meats, such as burgers, sausage, ground beef, and chicken. 

At the time of publication, the stock was trading 4.47% lower at $113.72. The stock has a 52-week low of $106.91 and a 52-week high of $221.