Shares in meat alternatives company Beyond Meat slid on Tuesday, a day after the...
FILE PHOTO: A Beyond Meat burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. REUTERS/Shannon Stapleton/File Photo
Beyond Meat shares were down 10% at $199 in late morning trade on Nasdaq. The company on Monday said 3.25 million new shares would be issued, including 3 million shares from selling stockholders. Beyond Meat’s shares have surged more than 780% since its May IPO as the company’s meat alternatives entered the menus of restaurants such as Carl’s Jr and hit the shelves of grocers, including Kroger Co .
Beyond Meat on Monday beat Wall Street’s estimate for revenue in the three months ended June 29, reporting $67.3 million in second-quarter sales. It expects $240 million in 2019 net revenue, up from $210 million it forecast just last month.
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