Why Beyond Meat Is Trading Higher Today
Beyond Meat Inc (NASDAQ: BYND) is trading higher Monday after the stock received a double upgrade at Bernstein.
What Happened: Bernstein analyst Alexia Howard upgraded Beyond Meat from Underperform to Outperform and announced a $130 price target Monday. The analyst attributed the upgrade to increasing sales on the back of economic reopening acceleration.
See also: How to Buy Beyond Meat (BYND) Stock
Recent Earnings: Beyond Meat reported first-quarter financial results on May 6. The company reported an earnings loss of 42 cents per share, which came in below the estimate for a loss of 19 cents per share. It reported revenue of $108.2 million, which missed the estimate of $113.67 million.
Related Link: Cramer Weighs In On Beyond Meat, Snowflake, More
BYND Price Action: Beyond Meat has traded as high as $221 and as low as $99.86 over a 52-week period. The stock is down 14.73% year-to-date.
At last check Monday, Beyond Meat was up 4.14% in premarket trading at $111.
Photo courtesy of Beyond Meat.
Latest Ratings for BYND
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Mar 2022 | Goldman Sachs | Maintains | Sell | |
| Feb 2022 | BMO Capital | Maintains | Market Perform | |
| Feb 2022 | Canaccord Genuity | Maintains | Hold |
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