Beyond Meat Inc. (BYND) stock entered green in the pre-market as it gained 5% at $66.85, on December 14. The stock had been in the red since news of a canceled planned test of its product by Taco Bell emerged on December 11.
In Monday’s regular trading session, the stock was still in the red as it lost 1.69% at $63.42. The situation reversed when the after-market session began, as BYND stock gained $4.03.
BYND stock and its Recovery
Taco Bell has been working with BYND for the launch of a vegan alternative of its crane Asada grilled meat. On December 10, news emerged that Taco Bell canceled a scheduled test of BYND’s grilled-meat substitute. As per the details, Taco Bell was not satisfied by the company’s previously provided samples of the product in October. Hence, Taco Bell canceled the test. As a result, the stock entered a downtrend, which continued into Monday’s regular session.
In the aftermarket session on Monday, the stock finally recovered and began trading in green. This recovery can also be attributed to speculations about the early launch of BYND’s McPlant. According to news, Piper Sandler’s contacts expect BYND’s McPlant’s launch late in the first quarter of 2022.
Recent Developments
On December 08, the company announced the appointment of new members to its executive team of leaders. Firstly, Doug Ramsey joined the company as its new Chief Operating Officer. Mr. Ramsey has vast experience of over 30 years in the food industry. Moreover, he previously served at Tyson Foods, overseeing its poultry and McDonald’s business.
Secondly, the new role of Chief Supply Chain Officer was created by the company. Which is now filled by Bernie Adcock, who also has over 30 years of experience in the industry. Adcock also served at Tyson Foods, managing operations, and supply chain.
BYND’s Financial Highlights
The company declared its third-quarter financial results on December 10, 2021, which ended on October 2, 2021. In the third quarter of 2021, BYND’s revenue increased 12.7% year-over-year to $106.4 million. This compares to the consensus estimate of $109.2 million for the third quarter of 2021.
Moreover, the company incurred a net loss of $54.8 million in the third quarter of 2021. Consequently, the net loss per basic and diluted share was $0.87 in the quarter. In comparison, the consensus estimate net loss per share was $0.39 for the quarter.
