Companies and Brands
What to Expect When Beyond Meat Reports After the Close
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Beyond Meat Inc. (NASDAQ: BYND) is scheduled to release its first-quarter financial results after the markets close on Thursday. The consensus estimates call for a net loss of $0.15 per share and $40 million in revenue.
This company came public in early May, and it has seen a meteoric rise, with shares up about 56% since the initial public offering.
The corporate news that has driven shares higher is that Beyond Meat is now set to make products for the Europe markets at a Dutch facility. Specifically, the company has entered into a partnership with Zandbergen World’s Finest Meat to produce its plant-based products there starting in 2020.
Recall that Beyond Meat’s IPO was to include 9.625 million shares at $25 apiece. However, it opened at roughly $46 and went as high as the $70s to end its first day of trading with a $3.7 billion market cap.
Merrill Lynch has started Beyond Meat at Neutral with an $85 price objective. The firm’s Bryan Spillane is optimistic about the growth prospects, with such a large addressable market in the $270 billion U.S. and $1.4 trillion global meat industry. Yet, being up over 200% since its IPO and valued at 16 times expected 2020 revenue is too rich for a Buy rating. While its high-priced alternative to traditional meat is a risk, so is a wave of competitors flooding the market, as well as the company’s own ability to keep its production pace up with demand.
A few other analysts weighed in on Beyond Meat ahead of the report:
Shares of Beyond Meat traded down about 3% at $99.76 on Thursday, in a 52-week range of $45.00 to $108.67. The consensus price target is $81.00.
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