New York, N.Y., February 28, 2024 - PRISM MediaWire - PRISM MarketView - PRISM Zombie Index Leader Beyond Meat, Inc. (BYND), is seeing a big gain today as its trading close to 45% higher on its recent earnings release. However, outside of exceeding the Street’s Q4 revenue estimates ($73.7M vs Factset $66.7M) the rest of the report was nothing the market should be having a cow over.
Beyond Meat® Reports Fourth Quarter and Full Year 2023 Financial Results
EL SEGUNDO, Calif., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights1 Net revenues were $73.7 million, a decrease of 7.8% year-over-year.Gross profit was a loss of $83.9 million, or gross margin of -113.8%, compared to a loss of $2.9 million, or gross margin of -3.7%, in the year-a
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So, where’s the beef? Two additional factors are likely contributors creating the “moooove”. CEO Ethan Brown stated his intention to “steeply reduce” costs in 2024 which would be significant in impacting the company’s utterly poor profitability. Secondly, the stock has been put out to pasture by many investors or in other words, it has had a very high short interest. These types of price movements are typically exaggerated for companies with high short interest.
Before putting too much stock, into this trade, investors need to remember that even if the company can stick to its promise of significant cost reduction, it will still need to grow revenues to sustain the business then it may promise greener pastures ahead….
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