Shares of Beyond Meat Inc sank on Tuesday, as a lock-up period for its early bac...
) sank on Tuesday, as a lock-up period for its early backers ended, freeing them up to cash in on this year’s doubling in its share price after results which pointed to growing costs at the plant-based meat success story.
“Approximately 3/4 of the shares come unlocked today, as many observers of Beyond Meat are aware. What is less apparent, though, is the number of shareholders willing to sell with the stock down well over 50% from its high,” J.P. Morgan analyst Ken Goldman said. The shares fell 16% to $88.50 in trading before the bell on Tuesday, making it the biggest loser among Nasdaq-listed companies.
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