Beyond Meat Stock Hits All-Time Low. Inflation Taking Bite Out of Plant-Based Industry.
By Angela Palumbo, Barron's
Sept. 19, 2022
Beyond Meat shares hit an all-time low Monday, falling for the fifth consecutive day and dragging down other plant-based stocks as inflation has led consumers’ to shun the higher-priced products.
Beyond Meat (ticker: BYND) has seen better days. In fact, the stock has tumbled 74% this year and a whopping 93% from its all-time closing high of $234.90 in July 2019, according to Dow Jones Market Data.
On Monday, Beyond Meat’s stock fell 5.6% to $17.26. It went public at $25 in May 2019. Other plant-based companies like Oatly Group (OTLY) and Calavo Growers fell 2% and 0.6% on Monday, and have dropped 63% and 18% this year.
So what’s happening in the world of plant-based meats? One word: inflation.
Beyond Meat reported second-quarter results back in early August. Not only did the company post a wider loss and revenue below what analysts were expecting, it also gave a downbeat outlook for the full year due to the inflationary pressures on its consumers...
... Not only are food prices high across the board, but Beyond Meat’s products are more expensive overall than regular animal products...