Beyond Meat has been popular with short-sellers since its 2019 debut, but this is the all-time high
harles Lemonides is a short-seller who doesn’t like to pile into stocks that a lot of other investors are also betting against. He said he’s nervous about Beyond Meat.
Beyond Meat, a maker of pea-protein-based alternatives to burgers, ground beef, sausages and chicken nuggets, has revised expectations and faces lackluster growth in restaurants. During the first three-quarters of 2021, the unprofitable Beyond posted $400 million in revenue, but an earnings miss – “not a little miss,” Lemonides said at the time –pushed the stock price down double digits.
There are reasons for optimism. Beyond Meat’s McPlant burger, available at McDonald’s outlets, may yet be a driver of the company’s growth. The company announced last week that a jerky made with pea protein would be a product of a joint venture with Pepsi. And investors so loved the stock soon after its 2019 initial public offering that it doubled in price, touching $235 a share. It’s now in the $60 range.
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