Beyond Meat (NASDAQ:BYND) gained ground as investors looked ahead to quarterly earnings, due for the end of Thursday.
The consensus EPS Estimate is -$1.20 (vs $1.27 in Q4 2021) and the consensus Revenue Estimate is $75.8M (-24.7% Y/Y).
Over the last three months, EPS estimates have seen two upward revisions and three downward. Revenue estimates have seen one upward revision and three downward.
Last quarter, Beyond Meat outlined plans to significantly reduce expenses and laid off almost 20% of its workforce . Looking ahead, a stated goal of Beyond Meat is to be cash-flow positive operationally in the second half of 2023.
BTIG is cautiously optimistic that Beyond Meat can achieve a cash-neutral position by late this year through a focus on core, profitable products, points of distribution, and geographies. BYND is expected to have enough cash to sustain itself for the balance of this year.
Argus Research shifted to a bearish view on the stock towards the close of 2022, citing headwinds in terms of waning alternative protein demand and rising competition.
The California-based alternative protein producer reported significant deterioration in each metric in Q3 from the prior year quarter amid “a combination of weaker than expected demand in the category” and “limited price reductions in the U.S. and broader list price reductions in the EU”.
BYND opened Thursday 47 cents higher, or 2.8%, to $17.57.