Beyond Meat Stock Is Soaring Wednesday: What's Going On?

Beyond Meat Inc BYND shares are trading higher Wednesday on the heels of the company’s fourth-quarter financial results.

What Happened: Beyond Meat’s fourth-quarter revenues decreased 7.8% year-over-year to $73.7 million, which beat consensus estimates of $66.66 million, per Benzinga Pro. The plant-based meat company reported a fourth-quarter loss of $2.40 per share, which missed analyst estimates for a loss of 88 cents per share.

U.S. retail channel net revenues decreased 22.6% and U.S. foodservice channel net revenues decreased 25.9%. International retail channel net revenues increased 22.1% and international foodservice channel net revenues increased 33.7%.

"In 2023, Beyond Meat undertook extensive initiatives to reset the business toward sustainable operations and, ultimately, profitable growth. Much of this reset is now coming into view," said Ethan Brown, president and CEO of Beyond Meat.

"Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion.”

Beyond Meat said it expects first-quarter revenue to be between $70 million and $75 million. The company expects full-year 2024 revenues to be between $315 million and $345 million.

Beyond Meat shares skyrocketed following the print. Investors appear to be reacting positively to the company’s commentary on cutting costs and transitioning to a leaner operating structure. The outsized move in shares may also be due to high short interest in the name. According to Benzinga Pro, 39.57% of Beyond Meat’s float is currently sold short.

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BYND Price Action: Beyond Meat shares were up 56.6% at $11.77 at the time of publication, per Benzinga Pro.

Photo: courtesy of Beyond Meat.