Beyond Meat (BYND) closed at $109.12 in the latest trading session, marking a -1.16% move from the prior day. This change lagged the S&P 500's daily gain of 0.39%. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq added 0.34%.
Heading into today, shares of the plant-based meat company had gained 42.71% over the past month, outpacing the Consumer Staples sector's gain of 2.35% and the S&P 500's gain of 4.73% in that time.
Investors will be hoping for strength from BYND as it approaches its next earnings release.
Investors might also notice recent changes to analyst estimates for BYND. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. BYND currently has a Zacks Rank of #3 (Hold).
Digging into valuation, BYND currently has a Forward P/E ratio of 286.01. Its industry sports an average Forward P/E of 18.95, so we one might conclude that BYND is trading at a premium comparatively.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 109, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Beyond Meat, Inc. (BYND) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research