Beyond Meat, Inc. (NASDAQ:BYND) shares are trading lower Thursday after the company reported first-quarter financials and issued second-quarter revenue guidance below estimates on Wednesday after the market closed.
- Beyond Meat stock is feeling bearish pressure. What’s behind BYND decline?
Q1 Highlights
Beyond Meat reported first-quarter revenue of $58.2 million, down 15.3% year-over-year, although it beat the consensus estimate of $58.07 million. The company reported an adjusted loss of 10 cents per share, in line with estimates.
U.S. retail revenue fell 15.3% year-over-year to $26.6 million, while international retail revenue increased 8.1% to $13.7 million.
The company ended the quarter with $205.8 million in cash and cash equivalents, including restricted cash.
CEO Ethan Brown said, "We remain highly focused on the performance of our core business," while highlighting "significant operating expense improvement and our lowest quarterly cash use in over two years."
Guidance
Beyond sees second-quarter revenue between $60.00 million and $65.00 million, versus the consensus estimate of $66.97 million.
Moving Averages Signal Mixed Trend
Beyond is currently showing a mixed technical picture, with the price trading above its short-term moving averages but significantly below its long-term averages. The 20-day SMA is currently 6.3% above the price, indicating a short-term bullish trend, while the 200-day SMA is 37.5% above, suggesting a bearish long-term outlook.
The RSI is at 60.23, which is considered neutral, indicating that Beyond is neither overbought nor oversold at this moment. This level suggests that there may still be room for upward momentum without immediate selling pressure.
MACD is above its signal line, indicating bullish momentum for Beyond. This suggests that traders might see continued upward movement in the near term, but they should remain cautious given the overall trend.
Key support is at 0.50, while resistance is at 1.00. If Beyond Meat, Inc. breaks above the resistance level, it could signal a potential trend reversal, while a drop below support may indicate further downside.
Beyond has not experienced a golden cross or death cross recently, so the focus remains on the current moving average relationships. The 20-day SMA is above the 50-day SMA, which is a positive sign, but the 50-day SMA remains below the 200-day SMA, indicating a bearish long-term trend.
Over the past 12 months, Beyond Meat, Inc.’s stock has declined by 59.38%, reflecting significant challenges in its longer-term performance. This steep drop highlights the need for traders to be cautious and consider the broader market conditions affecting the stock.
Beyond Shares Fall
BYND Price Action: At the time of publication, Beyond Meat shares are trading 10.88% lower at 92 cents, according to data from Benzinga Pro.
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