Shares of Beyond Meat plunged in early trading as the lock-up period for certain investors ended $BYND. For more business news, follow ReutersBiz
) plunged more than 20% on Tuesday as a lock-up period for early backers ended, freeing them up to cash in on their investments after results pointed to rising costs at the hugely popular plant-based meat producer.
Along with Monday’s results release, the company announced the departure of venture capital specialist Gregory Bohlen from its board after more than six years with the company. At their peak in July, Beyond Meat shares had risen five-fold in value from their debut price of $46 in early May. The stock has since retreated, and closed at $105.41 on Monday, valuing the company at $6.38 billion.
At least three Wall Street analysts cut their price target on the stock after the results, with J.P. Morgan’s Goldman reducing his target to $138 from $189.
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