Beyond Meat Inc. (NASDAQ: BYND), a Plant-based meat substitute manufacturer, received decisive comments from Wall Street this week, kicking the stock uphill.
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Beyond Meat Inc. (BYND) shares were increasing 2.06% to trade at $119.66 in the current market at the last check. The stock closed at $117.25 during the previous session. A volume of 3.44 million shares was recorded, exceeding the average daily volume of 2.94 million shares over the past 50 days. Over the last year, shares of BYND have declined -9.94%, and they have gained 14.56% in the past week. Stocks have lost -21.30 % over the past three months while losing 12.38 % over the past six months. Its market value currently stands at $7.61 billion, and it has 62.94 million outstanding shares.
Nevertheless, AllianceBernstein Holding analyst Alexia Howard says the food service industry will soon recover from the crisis associated with COVID-19. Considering Beyond Meat was severely hit by the pandemic, this development is positive. As a result of the new Beyond Meat plant in the Netherlands, the company will generate more profits on its product in Europe. In addition, the partnership with McDonald’s Corp. is essential to success. (NYSE: MCD), which enables Beyond Meat herbal products to be marketed.
A Bernstein analyst believes these factors can lead to growth at Beyond Meat and “significant momentum as we head into the next quarter.” Accordingly, Beyond Meat has raised its recommendation of BYND shares to above-market from below market and set a price target of $130 per share.
Beyond Meat Inc. (NASDAQ: BYND) suffered significant losses in the fourth quarter of 2020 due to the COVID-19 outbreak. The company saw a loss of $25.1 million, while it suffered a loss of $500 thousand in Q4 2019. Although government regulations were strict at the time, the management of Beyond Meat maintained positive expectations and, in April 2021, opened the first plant for producing “vegetable meat” in China. Furthermore, this year marks the beginning of Beyond Meat’s European production.