Why Beyond Meat Shares Are Falling Today

Beyond Meat Inc BYND is trading significantly lower Friday after the company updated its third-quarter outlook and lowered guidance.

Beyond Meat lowered its quarterly revenue guidance from a range of $120 million to $140 million to $106 million versus the estimate of $133.11 million.

The company previously expected a decline in net revenues, but the deceleration was larger than anticipated, citing multiple factors contributing to the shortfall during the third quarter. 

Beyond Meat said it believes "demand was impacted by broader ongoing macro and micro-economic factors, including among others, the effects of the COVID-19 Delta variant."

"The company further experienced challenges in operations that led to unfulfilled orders, with severe weather as a key driver resulting in the loss of potable water for two weeks in one Pennsylvania facility and water damage to inventory in another."

Beyond Meat noted that the negative impacts were partially offset by accelerated orders from an international customer during the third quarter.

Beyond Meat is a provider of plant-based meats, such as burgers, sausage, ground beef and chicken.

BYND Price Action: Beyond Meat has traded as high as $221 and as low as $98.80 over a 52-week period.

The stock was down 11.20% at $96.50 at time of publication.

Photo: courtesy of Beyond Meat.