Beyond Meat has announced it'll sell 3.25 million shares at $160 each. At market close on Wednesday, the stock was selling at about $196.50 — significantly higher than Beyond's new sticker price.
The company announced Thursday it would sell 3.25 million shares at $160 each. At market close on Wednesday, the stock was selling at about $196.50 — significantly higher than Beyond's new sticker price.Selling at such a discount could be a sign that the company is overvalued. Beyond fell about 10% before the market opened Thursday.The plant-based protein company, which makes alternatives to various types of meat, first announced the secondary offering Monday.
3 million in the second quarter, up from $17.4 million during the same period last year, a 287% spike. This year, the company anticipates revenues of more than $240 million, up more than 170% from last year.Yet the company reported a loss of $9.4 million during the last quarter, more than the $7.4 million loss a year earlier.At the current stock price, Beyond is worth about three times as much as it was after its first day on the market. That runaway success has given some analysts pause.
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