Beyond Meat (BYND) closed at $143.11 in the latest trading session, marking a +0.08% move from the prior day. The stock outpaced the S&P 500's daily loss of 1.08%. Meanwhile, the Dow lost 1.51%, and the Nasdaq, a tech-heavy index, lost 0.86%.
Coming into today, shares of the plant-based meat company had lost 11.98% in the past month. In that same time, the Consumer Staples sector lost 2.84%, while the S&P 500 lost 0.3%.
Wall Street will be looking for positivity from BYND as it approaches its next earnings report date. The company is expected to report EPS of -$0.02, down 300% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $96.95 million, up 44.17% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $0.07 per share and revenue of $448.86 million. These totals would mark changes of +275% and +50.67%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for BYND. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. BYND is currently a Zacks Rank #3 (Hold).
In terms of valuation, BYND is currently trading at a Forward P/E ratio of 1972.41. This valuation marks a premium compared to its industry's average Forward P/E of 13.51.
The Food - Meat Products industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 179, which puts it in the bottom 30% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.