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Beyond Meat : shares bleed on bleak revenue forecast as retail demand dips

10/22/2021 | 08:55am EST
FILE PHOTO: Products from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California

Oct 22 (Reuters) - Beyond Meat Inc on Friday cut its third-quarter revenue forecast, blaming a host of factors including a drop in demand from grocery stores and a labor shortage that led to delays in restocking shelves, sending its shares down 15%.

The company, which gets the bulk of its revenue from retailing, has suffered from a weakening trend of people stockpiling faux meat burgers and sausages at home as they started dining out.

It also said new orders from a distributor servicing one of the company's large customers did not materialize, while severe weather caused damage to inventory stored at one of its facilities.

Beyond Meat's forecast cut comes a few months after the company said its restaurant customers were placing more conservative orders due to uncertainty over to the Delta variant of the coronavirus.

The red-hot faux meat startup is also facing other challenges including growing competition from Impossible Foods and others, and surging raw material prices.

Beyond Meat said it now expects third-quarter net revenue of about $106 million, compared with its prior forecast of $120 million to $140 million.

Beyond Meat, which fell 13% this year up to last close, is due to report its full third-quarter results on Nov. 10. (Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

ę Reuters 2021
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Analyst Recommendations on BEYOND MEAT, INC.
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Financials (USD)
Sales 2021 466 M - -
Net income 2021 -132 M - -
Net Debt 2021 236 M - -
P/E ratio 2021 -30,7x
Yield 2021 -
Capitalization 4 092 M 4 092 M -
EV / Sales 2021 9,29x
EV / Sales 2022 7,39x
Nbr of Employees 700
Free-Float 89,2%
Duration : Period :
Beyond Meat, Inc. Technical Analysis Chart | BYND | US08862E1091 | MarketScreener
Technical analysis trends BEYOND MEAT, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 19
Last Close Price 64,61 $
Average target price 76,93 $
Spread / Average Target 19,1%
EPS Revisions
Managers and Directors
Ethan Walden Brown President, Chief Executive Officer & Director
Philip E Hardin Chief Financial Officer
Seth Goldman Chairman
Raymond J. Lane Lead Independent Director
Christopher Isaac Stone Independent Director
Sector and Competitors