Beyond Meat (BYND) stock soared on Wednesday due to news about expanded distribution and an optimistic market responding to the Fed rate hike. BYND's
Plant-based protein companies are seeing slowing growth.soared on Wednesday due to news about expanded distribution and an optimistic market responding to the Fed rate hike. BYND's 14% advance far outstripped the S&P 500's 1.5% gain. Beyond Meat released a statement saying their protein-based burger options would be carried by the leading grocery chains in the US. This helped investors return to the beaten-down stock, which has suffered from slowing demand growth.
Beyond Meat has been picking up the pieces since its revenue began slumping two quarters ago. Known for high growth early on its career as a public company, Beyond meat's revenue in the fiscal first quarter of 2022 only rose 1.2% YoY. Management has now missedBeyond Meat Stock Forecast: Do not get too excitedat the moment. Yes, the Moving Average Convergence Divergence is trending in the right direction.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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