Beyond Meat (BYND, $94.48) shares plummet, on larger-than-expected Q3 loss
Beyond Meat shares on plunged on Wednesday in after-hours trading, after the plant-based meat company posted a wider-than-expected third-quarter loss .
Beyond Meat’s loss for the quarter came in at -87 cents a share, compared to -39 cents a share loss anticipated by analysts polled by Refinitiv.. The los was also larger than the year-ago quarter’s -31 cents a share.
The company’s revenue was $106.4 million in the quarter, which was lower than $109.2 million expected by analysts.
"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago," Beyond Meat CEO Ethan Brown said in a statement. "Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth.
"Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company," Brown said.
Looking ahead, Beyond Meat expects fourth quarter net revenues in the range of $85 million to $110 million, incorporating near-term uncertainty related to Covid-19 pandemic.
BYND's Stochastic Oscillator sits in oversold zone for 4 days
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Notable companies
The most notable companies in this group are Mondelez International (NASDAQ:MDLZ), Kraft Heinz Company (The) (NASDAQ:KHC), General Mills (NYSE:GIS), Campbell Soup Company (NYSE:CPB), Beyond Meat (NASDAQ:BYND).
Industry description
A specialty/candy manufacturer specializes in one or more of the following: chocolate, candies, pasta, condiments, seasonings, among other items. Hershey Company, McCormick & Company and J.M. Smucker Company are some of the major firms in this segment. Demand for this industry’s products comes from both institutions/restaurants as well as households.
Market Cap
The average market capitalization across the Food: Specialty/Candy Industry is 8.85B. The market cap for tickers in the group ranges from 6.25K to 327.81B. NSRGY holds the highest valuation in this group at 327.81B. The lowest valued company is OGGFF at 6.25K.
High and low price notable news
The average weekly price growth across all stocks in the Food: Specialty/Candy Industry was 0%. For the same Industry, the average monthly price growth was 1%, and the average quarterly price growth was 13%. NUZE experienced the highest price growth at 167%, while SRKE experienced the biggest fall at -56%.
Volume
The average weekly volume growth across all stocks in the Food: Specialty/Candy Industry was 30%. For the same stocks of the Industry, the average monthly volume growth was 23% and the average quarterly volume growth was 19%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 51
P/E Growth Rating: 61
Price Growth Rating: 59
SMR Rating: 76
Profit Risk Rating: 80
Seasonality Score: 10 (-100 ... +100)