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Beyond Meat's stock has caused a stir among investors since the company went public. The company is considered one of the leaders in the production of meat substitutes. You can find out how promising this asset is for investing now by reading the BYND stock review.
Beyond Meat is a publicly traded company that develops, manufactures, and sells plant-based meat substitutes. The company was founded in 2009 and is based in El Segundo, California. In 2019, Beyond Meat began its first international expansion by opening a manufacturing facility in China.
Beyond Meat is a public company whose shares trade on the Nasdaq under the ticker symbol BYND. Beyond Meat held an IPO in May 2019 and raised $241 million through a listing on the stock exchange. As of May 2020, its market capitalization was at about $6.8 billion. The corporation succeeded in part because of partnerships with major food companies such as Tyson Foods, McDonald's, and KFC. BYND has received investments from celebrities such as Leonardo DiCaprio and Bill Gates.
Beyond Meat's business involves the development, promotion, and sale of plant-based meat substitutes. The company's products include burgers, sausages, ground beef, and chicken strips. One of its popular products is a pea protein, beet juice, and coconut oil burger that looks and tastes like ground beef. BYND also offers other plant-based meat products, including pork sausages, chicken strips, and beef breadcrumbs.
Beyond Meat sells its products through grocery stores, restaurants, and food service outlets. BYND products are sold in grocery stores, restaurants, and colleges. The company partners with major food companies such as Tyson Foods and Nestle. BYND products are also available through online retailers such as Amazon. Beyond Meat, products are currently available in more than 80,000 locations worldwide.
Beyond Meat, the stock continued to rise after the release of its second-quarter 2022 financial statements. Investors and analysts couldn't explain the reason for this growth, which continued despite disappointing financial results. The plant-based meat producer reported a drop in revenue and lower sales in certain regions. In addition, the company announced its intention to lay off 4 percent of its employees to cut costs.
On September 22, shares of many companies, including Beyond Meat, fell in price after the Federal Reserve announced that it was raising interest rates. The value of the securities of the producer of vegetable meat substitutes fell by 20%. The Fed also said it intends to raise interest rates in 2023 due to strong inflation. Such pressure from financial regulators could slow the rise in Beyond Meat's share price.
The company ended the second quarter of 2022 with $255 million in inventory. During the three months, the meat substitute manufacturer's revenue declined 1.7% year over year to $147 million. This financial performance prompted corporate management to lower its net revenue forecast for the full year 2022. Previously, Beyond Meat had expected this figure at $560-620 million. After publishing its second quarter 2022 report, the company lowered its net revenue forecast to $470-520 million for the year.
U.S. sales were up 1% in the second quarter of 2022 compared to the same reporting period in 2021, while international retail sales were down 7%. On a positive note, Beyond Meat sold more than 14% more pounds of product compared to the second quarter of 2021. However, net sales per pound fell. The move was made by management to reduce the cost of meat substitutes to comparable animal protein costs.
Analysts predict that Beyond Meat stock will see an increase in price in the coming years. We conducted technical analysis on this asset, considering BYND's stock price as of October 5. At that time, Beyond Meat's stock was worth $15. Based on the technical analysis, we expect the price to rise to $17 in 2023. By 2025, this asset could rise to $60 if the company continues to ramp up product sales.
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