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Home / Business / Beyond Meat shares fall after JP Morgan downgraded the stock

Beyond Meat shares fall after JP Morgan downgraded the stock



Beyond Meat's (BYND) stock price of 572% since its IPO last month has another analyst who is worried about the rating.

JP Morgan Chase analyst Ken Goldman has downgraded his Beyond Meat stock rating from overweight to neutral. citing concerns that the stock is too expensive. He maintained his price target of $ 120, which is a 28.6% decline from Monday's close.

"As we wrote last week:" At some point, BYND's extraordinary revenue and profit potential is … We believe that day has come, "Goldman said.

Beyond Meat's stock fell 9.5% during pre-market trading.

Products from Beyond Meat Inc, the vegan burger manufacturer, are being offered for sale at a market in Encinitas, California, USA on June 5, 2019. REUTERS /

Vegetable meat levels The company shot up in the weeks following its IPO on May 2 and has increased almost sevenfold. The price for an IPO is $ 25. The company's stock price at $ 168.10 on Monday had surpassed the price target of all major Wall Street analysts.

Beyond Meat announced first-quarter sales results that outperformed consensus analysts and delivered better-than-expected full-year guidance that continues to fuel its growth narrative. The company also expects balanced EBITDA for the full year, while Wall Street anticipates a loss for the company. The report sent the stock to an all-time high.

Not every investor has welcomed Beyond Meat's meteoric stock appreciation. Short sellers who bet that stock prices will fall to the ground lost nearly $ 400 million last Friday, as Beyond Meat's stock continued to rise, according to S3 Partners cited by CNBC, and 0 sell-by ratings Bloomberg data from Tuesday morning.

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