Why Beyond Meat (BYND) Stock Hit A New 52-Week Low Today

Beyond Meat Inc BYND shares are trading lower by 11.86% to $11.00 during Thursday's session, reversing following earlier strength, after the company reported better-than-expected first-quarter earnings results.

What Happened?

Beyond Meat reported quarterly losses of 92 cents per share which beat the analyst consensus estimate of a loss of $1.01.

The company reported quarterly sales of $92.20 million which beat the analyst consensus estimate of $91.73 million by 0.5%. This sales figure represents a 15.8% decrease over sales of $109.45 million in the same period last year.

Beyond Meat highlighted gross profit was $6.2 million, or gross margin of 6.7% of net revenues, compared to gross profit of $0.2 million, or gross margin of 0.2% of net revenues, in the year-ago period.

Beyond Meat also says adjusted EBITDA was a loss of $45.8 million, or -49.6% of net revenues, compared to an adjusted EBITDA loss of $78.9 million, or -72.1% of net revenues, in the year-ago period.

What Else?

Beyond Meat also announced an at-the-market equity program under which it may offer and sell from time to time and at its discretion shares of its common stock having an aggregate offering price of up to $200 million.

The company currently intends to use the net proceeds, if any, of sales of its common stock issued under the offering for general corporate and working capital purposes.

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According to data from Benzinga Pro, BYND has a 52-week high of $44.59 and a 52-week low of $10.75.