Categories Consumer, Retail, U.S. Markets News
Beyond Meat’s stock crashes after JP Morgan downgrade
Shares of Beyond Meat Inc. (NASDAQ: BYND) were down over 20% in morning hours on Tuesday after JP Morgan downgraded the stock from Overweight to Neutral. The firm has set its price target at $120.
JP Morgan was the lead underwriter for Beyond Meat’s IPO which took place in May. Analyst Ken Goldman hinted in a note that the stock is too expensive. On Monday, the stock jumped over 600% from its IPO price of $25.
The stock price is said to have exceeded the price target of every Wall Street analyst. According to a report by CNBC, short sellers lost over $400 million betting against the stock.
Last week, Beyond Meat reported its first quarter 2019 results, in which the company reported a 215% increase in revenue to $40.2 million. Net loss widened to $6.6 million while loss per share narrowed to $0.95.
For the full year of 2019, the company has guided for revenues to increase more than 140% to $210 million. Adjusted EBITDA is projected to be about break-even.
Most Popular
Microsoft (MSFT) reports higher revenue and profit for Q3 2024
Microsoft Corp. (NASDAQ: MSFT) on Thursday said its third-quarter 2024 earnings increased year-over-year, reflecting strong performance by the tech giant’s main operating segments. Third-quarter revenues came in at $61.86 billion,
GOOG, GOOGL Earnings: All you need to know about Alphabet’s Q1 2024 earnings results
Alphabet Inc. (NASDAQ: GOOG, GOOGL) reported its first quarter 2024 earnings results today. Revenues increased 15% year-over-year to $80.5 billion. Revenue growth was 16% in constant currency. Net income was
MRK Earnings: Merck Q1 2024 profit jumps on 9% revenue growth
Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported a sharp increase in adjusted earnings for the first quarter of 2024, aided by an increase in revenues. First-quarter worldwide sales
Comments