True to its volatile nature, shares of Beyond Meat (NASDAQ: BYND) have been swinging between high and low this week. After soaring over 12% on Tuesday and gaining around 5% at market open on Wednesday, the stock has been fluctuating and is currently down 2% in afternoon trade.
Beyond Meat has been getting attention this week thanks to its rival Impossible Foods, which rolled out new products and also withdrew from a supply deal with McDonald’s (NYSE: MCD) due to inadequate production capacity.
Some analysts believe the exit of Impossible Foods from the McDonald’s deal creates an opportunity for Beyond Meat. McDonald’s is already testing a plant-based burger in select locations in Canada and has now expanded this trial to 52 restaurants.
Although Beyond Meat has previously faced production capacity issues, the company has scaled its production levels significantly both domestically and internationally to meet its increasing demand. It already has several partnerships in place with restaurants and fast food chains for its products.
The company believes its efforts in innovation and marketing will help drive revenues going forward. The increasing shift towards vegetarian and vegan diets and the growing demand for plant-based foods is expected to benefit the company’s topline going forward.
The majority of analysts have rated the stock as Hold and it has an average price target of $112.91, which represents an upside of 36% from the current price.
In its most recent quarter, Beyond Meat achieved profitability and exceeded expectations on both the top and bottom line results. Revenues nearly tripled year-over-year to $92 million while EPS totaled $0.06.
Beyond Meat will report its fourth quarter 2019 earnings results on January 27. Analysts have forecast earnings of $0.01 per share on revenue of $76.3 million.
Broadcom (NASDAQ: AVGO) reported non-GAAP EPS of $5.14 for the second quarter of 2020 on revenue of $5.74 billion. While the earnings came in line with the analysts' estimates, revenue
Video conferencing platforms and other workplace collaboration tools have become more popular nowadays. With most people confined to their homes, apps that allow us to stay in touch have become
Cloudera (NYSE: CLDR) once again proved its mettle by reporting impressive results for the April-quarter that was mostly marred by the market-turmoil spurred by the virus attack. Though the tech