Here's what Wall Street was expecting, according to a survey of analysts by Refinitiv:Beyond Meat surged more than 160% in its first day trading on the public markets and has now soared nearly 300% above its initial public offering price, giving the company a market value of $5.8 billion.
The maker of plant-based meat substitutes reported 2018 revenue of $87.9 million and a net loss of $4.75 per share. As rival Impossible Foods has faced shortages amid soaring demand for its plant-based patties, some smaller restaurant operators have switched to Beyond Burgers. Additionally, unlike Impossible, Beyond also sells its products in grocery stores, accounting for about half of its net sales.
But the market will soon grow more crowded. Nestle's Sweet Earth brand will launch its own plant-based burger in the fall. One of Beyond's early investors,This is a breaking news story. Please check back for updates.
$BYND buy the dip at $69.50
Would be interested to talk to anyone holding through this one... $BYND
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