Beyond Meat (NASDAQ: BYND) shares are trading lower after the company reported worse-than-expected Q1 EPS and sales results and said it continues to experience ‘significantly reduced demand in its foodservice channel’ due to the COVID-19 pandemic. The company also said retail customer demand has moderated since the early stages of the pandemic.
Goldman Sachs maintained a Sell rating on the stock and lowered its price target from $112 to $99 following the report.
Beyond Meat is a provider of plant-based meats, such as burgers, sausage, ground beef, and chicken.
At the time of publication, the stock was trading 4.47% lower at $113.72. The stock has a 52-week low of $106.91 and a 52-week high of $221.
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