Beyond Meat stock tumbles 14% after cutting revenue forecast

Beyond Meat (BYND.US) stock plunged more than 14% during today's session after the producer of plant-based meat substitutes lowered its third-quarter revenue outlook citing weakening demand, supply chain disruptions and the lingering impact of COVID-19. The company said it now expects to report net sales of $106 million for the quarter, down from its prior forecast of $120 million to $140 million. Meanwhile analysts expected revenue of $133.1 million. Beyond Meat did not provide outlook for its quarterly earnings, however before today's announcement, market consensus was 29 cents per share loss.

Beyond Meat (BYND.US) stock launched today's session sharply lower following the announcement and is currently approaching support at $85.60 which coincides with 78.6% Fibonacci retracement if the upward wave launched in March 2020. Source: xStation5