Beyond Meat (NASDAQ:BYND) Shares Down 6.3%

Beyond Meat is a plant-based meat substitute company that went public in May 2019. The stock ticker for Beyond Meat is BYND and it trades on the NASDAQ Global Select Market. On August 17th, 2021, Beyond Meat's shares closed at $165.38, which was a decrease of 6.3% from its previous closing price of $179.40 on August 13th, 2021. This decline in stock price can be attributed to various factors such as the company's recent earnings report, increased competition in the plant-based meat market, and broader market trends.

Beyond Meat's second quarter 2021 earnings report was released on August 10th, 2021. The company reported net revenue of $149.7 million, which was a decrease of 3.5% from the same period in the previous year. Beyond Meat also reported a net loss of $18.6 million, which was an increase of 24.2% from the same period in the previous year. These results may have contributed to the decline in stock price as investors may have been disappointed by the company's financial performance.

In addition to Beyond Meat's earnings report, there has been increased competition in the plant-based meat market. Other companies such as Impossible Foods and Just Eat have also entered the market with their own plant-based meat substitutes. This increased competition may have put pressure on Beyond Meat's stock price.

Finally, broader market trends such as inflation and supply chain disruptions may have also contributed to the decline in Beyond Meat's stock price. These factors can impact consumer demand for plant-based meat substitutes and affect the company's financial performance.