Beyond Meat Stock Plunged Thursday - Here's What Happened

Beyond Meat, Inc. BYND shares fell on Thursday. The stock was recently downgraded by Mizuho.

What To Know: Last Thursday, Beyond Meat shares sunk after Mizuho analyst John Baumgartner downgraded the stock from Neutral to Underperform and announced a $5 price target.

The analyst highlighted several factors in his decision, including a lack of product innovation as well as the need for new capital due to continued cash burn and tightening liquidity.

He also cited a lack of increased consumption for the company's products, possibly explained by recent macroeconomic conditions. 

The past few weeks have been particularly troublesome for the equities market amid rising Treasury yields and inflation. 

On Wednesday, 30-year yields rose over 5%, and last Thursday, the Consumer Price Index (CPI) rose higher than expected. 

Stocks have been hit hard by these figures, which indicate that inflation is still an ongoing problem. Consumers may choose to spend less as a result, especially on higher-end items like plant-based meat.

Beyond Meat stock is down 56.44% over the past six months.

Related Link: Why Enovis Stock Is Trading Lower Today

BYND Price Action: Shares of BYND fell 8.72% to $7.43 at close on Thursday, according to Benzinga Pro.

Image by JOSE ARROYO from Pixabay