Beyond Meat shares tumbled Thursday following the company’s first-quarter results, which analysts at Barclays called an improving performance.
Even though sales beat the firm’s estimates, Barclays reiterated its Underweight rating and $10 price target in a note titled "One step in the right direction."
“While US sales slightly surprised to the upside amid better-than-expected retail results, international sales were the main highlight,” analysts said. “...We nonetheless reiterate our UW rating, given ongoing cash burn and risk of incremental capital needs.”
Beyond Meat Inc (NASDAQ:BYND)’s first-quarter 2023 net loss was $59 million, $0.92 per share, compared to $100.5 million, $1.58 per share, during the same period last year. The company’s net revenues for the quarter fell 15.7% year-over-year to $92.2 million.
Shares of Beyond Meat fell more than 17% to $10.34, which was a sharp reversal from an initial jump of 10% in after-hours trading Wednesday.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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