The stock plummeted earlier this week even though the company posted great earnings, had a positive operating margin, and raised its full-year guidance, that wasn’t good enough for the Street. The company earned a profit of $4.1 million, or six cents a share on sales of $92 million.
That’s up substantially from a loss of $9.3 million on sales of $26.43 million year over year.
Analysts were looking for four cents on $82.2 million in sales.
Then, the company increased its annual revenue forecast for the second consecutive quarter, now expecting full year sales of between $265 million and $275 million.
However, even with all of that great news, the stock dropped nearly 20% on the day thanks in part to lock-up expiration, allowing insiders to sell.
One insider with no intention of selling is CEO Ethan Brown, who noted he’s not touching his shares and is focused on growing the company to a $40 billion company.
That pullback may lead to opportunity.
Remember, Research and Markets’ analysts expect the meatless-market to increase from $4.6 billion to $6.4 billion by 2023. Beyond Meat thinks that number could rocket to $35 billion in the U.S. Plus, not only is McDonald’s jumping on board, so is Dunkin.
In fact, Dunkin moved up its nationwide launch of its Beyond Sausage in 9,000 locations after a test in New York earlier than expected.
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