Beyond Meat's stock (BYND) fell 13.83% in the last session, or 4.20 points, settling at $26.17, with trading volumes surpassing 6.8 million shares, compared to a 10-day average of 3 million shares.
The manufactured meat company reported a loss of $1.58 per share, passing estimates of a loss of 97 cents, on sales of $109.5 million, missing estimates of $112.4 million, with the company maintaining earnings goal for 2022 at $560 million to $620 million, but investors were unpleased, with the stock tumbling 23% even as the CEO tries to focus on long-term goals.
Technically, the stock is declining amid negative pressure from the 50-day SMA, with the dominance of the main downward short-term trend, coupled with negative signals from the RSI despite reaching oversold levels.
Therefore we expect more losses for the stock, targeting the support of 16.55, provided it settles below 35.74.
Expected trend for today: Bearish.