77.35 0.00 (0.00%)
After hours: 4:57PM EST
|Bid||77.36 x 800|
|Ask||77.44 x 1300|
|Day's Range||76.55 - 80.00|
|52 Week Range||45.00 - 239.71|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||112.00|
A lawsuit claims that Impossible Whoppers are made on the same grill as traditional meat products, and thus marketing them as vegan is misleading.
The trust sold shares of the plant-based “meats” company in a recent secondary offering, and then some in the third quarter. Beyond Meat stock has been halved since the end of September.
US meat substitute companies Impossible Foods and Beyond Meat have set their sights on China, the world’s biggest consumer of meat, where urbanisation, population growth and higher incomes are accelerating demand for proteins. Beyond Meat is looking to start production in China next year, while Impossible Foods is exploring potential partnerships with government bodies and corporations. Both companies have a presence elsewhere in Asia, but have yet to enter the mainland Chinese market.
BEIJING/SHANGHAI (Reuters) - U.S. plant-based "meat" makers targeting China like Impossible Foods and Beyond Meat Inc will need to battle homegrown rivals which are developing local favourites such as dumplings and mooncakes to nab a share of the lucrative market. China's meat substitute industry has seen a surge in interest in recent months, with startups, traditional food businesses and investors betting trend-loving Chinese consumers will take to plant-based protein like their U.S. counterparts. A devastating pig disease and bruising Sino-U.S. trade war that have combined to push up meat prices are also playing a role.
BEIJING/SHANGHAI (Reuters) - U.S. plant-based "meat" makers targeting China like Impossible Foods and Beyond Meat Inc will need to battle homegrown rivals which are developing local favorites such as dumplings and mooncakes to nab a share of the lucrative market. China's meat substitute industry has seen a surge in interest in recent months, with startups, traditional food businesses and investors betting trend-loving Chinese consumers will take to plant-based protein like their U.S. counterparts. A devastating pig disease and bruising Sino-U.S. trade war that have combined to push up meat prices are also playing a role.
Wall Street has high hopes for the alternative-meat industry. If the world does end up eating less animal-based protein in the future, other industries—besides just meat producers—will be affected.
After cutting his teeth at Tiger Management, Chase Coleman become one of the “Tiger Cubs,” founding his own hedge fund in 2000, Tiger Global Management, with $25 million in seed money from his old boss. Since then, Coleman’s fund has grown to hold over $36 billion in assets under management. An important part of his successful strategy was a series of smart investments focused on long-term potential – his fund was an early investor in Facebook.In his most recent 13F filing, for the quarter ended September 30, Coleman’s fund revealed three new holdings which are sure to raise some eyebrows. Beyond Meat, Wayfair and New Relic have all generated plenty of buzz, along with real returns, but they each are facing serious headwinds, too. Not quite perfect storms of market chaos, but definitely some dark clouds of uncertainty on each of these companies.So, is Coleman right or wrong? We’ve opened up the database at TipRanks.com to find the latest takes from Wall Street’s analysts on all three of these stocks.Beyond Meat (BYND)A cleaner approach to our food and environment simply makes sense, and it’s hard to doubt the harshness of the industrialized animal husbandry. Beyond Meat was formed to correct this, and to provide a nutritious and sustainable food that also meets consumers’ desire for meat and meat products. Founded in 2009, the company has grown to a 5 billion dollar business, with its products on the shelves of Kroger, Meijer, and Target stores, among others, and in restaurants from TGI Fridays to Carl’s Jr. and A&W chains, to Del Taco.Coleman expressed his trust in Beyond Meat when his fund bought 175,000 shares of the company. BYND, which went public this past May at $25, peaked at $234 at the end of July. By the end of Q3, the period covered by the 13F filing, the shares were worth $148. BYND is trading at $80 now, making Tiger Global Management’s holding worth over $14 million.While a major hedge fund taking a large stake is a bullish sign, BYND has been showing bearish indicators recently. Wall Street’s analysts are clearly not convinced that Beyond Meat is going beyond even. Steven Strycula from UBS notes that BYND is a leader in its niche, pointing out that it has potential to disrupt the $1 trillion dollar-plus animal meat industry, but adds, “While we outline a robust revenue opportunity, we’re more cautious on Beyond Meat’s margin outlook as competition is intensifying, particularly from larger protein processors and packaged food peers who are likely to undercut Beyond Meat price points using excess capacity and a lower gross margin rate profile.” Strycula rates BYND a Hold along with an $85 price target, suggesting a modest upside of 5% for the stock. (To watch Strycula's track record, click here)Writing from William Blair, 4-star analyst Jon Andersen sees both potential and pitfall to BYND, with the pitfalls larger in the short term. He writes, “Our thesis is Beyond Meat represents a unique growth opportunity. This is due to its vast addressable market; strong value proposition; and rapidly developing brand and scale… valuation could limit stock price appreciation in the near term [on] our one-year horizon…”Overall, Beyond Meat has 13 recent analyst ratings, including 3 "buys," 8 "holds," and 2 "sells," adding up to a consensus view of Hold on the stock. Share are selling for $80, and the $113 average price target suggests a 40% upside, showing that, despite the headwinds, Wall Street still believes there is potential in this company and its products. (See Beyond Meat stock analysis on TipRanks)Wayfair (W)Wayfair leads the e-commerce market in home goods and furniture. It has no physical stores, but operates a network of offices and warehouses in the US and Canada, the UK and Ireland, and Germany. In its Q3 report, Wayfair reported an impressive year-over-year gain of 36% in direct retail revenue, to $2.3 billion for the quarter. Gross profits were up 23.4%, to $539.9 million, and active customers increased 38% to 19.1 million. In cash, cash equivalents, and investments, Wayfair listed $1.3 billion.A 36% gain in net revenues is a hopeful sign, especially coming after the 40% gains in Q2, and underlies Coleman’s acquisition of 510,000 shares of W in the third quarter. His fund now holds a $42 million stake in Wayfair. That was the good news. The bad news is, the company’s GAAP net loss was $272 million. Total operating expenses increased 48% from $538 million to $799 million. That expenses are rising so much faster than revues and gross profits is an ominous sign for the future. Wayfair’s net loss, which has been increasing since Q1 2018, is accelerating even as the company increases sales. Increased expenses are only one obstacle that Wayfair is facing; while the US-China trade issues get the headlines, the Trump Administration has also used tariffs, with less fanfare, in trade negotiations with the EU. As an international e-commerce leader, Wayfair is peculiarly sensitive to tariffs and duties.4-star Barclays analyst Adrienne Tennant is less than impressed with W stock. She writes, “We see W at a crossroads… to fuel top-line growth, it must continue to invest in acquiring customers as well as expanding into new categories and geographies… Simply curtailing spending to be in line with sales growth only results in the same EBITDA loss margin as the prior year... We think the mix of necessary spending and top-line volatility next year makes W uninvestable.”Tennant places a Sell on W, with a decidedly bearish $76 price target – indicating a downside potential of 9%. (To watch Tennant's track record, click here)Wall Street is not as bearish on W as Tennant, but is not convinced on this stock, either. W holds a Moderate Buy from the analyst consensus, based on 12 "buy" ratings – but also 8 "holds" and 2 "sells." Shares sell for $83, and the $106 average price target suggests an upside of 27%. (See Wayfair stock analysis on TipRanks)New Relic (NEWR)Public since December 2014, New Relic is tech company based in Silicon Valley. It offers cloud-based software analytics, allowing customers to track app performance online using the popular SaaS business model. For the fiscal year ending in March 2019, New Relic reported over $479 million in gross revenues.Fiscal 2020, however, started with some serious disappointment. While Q1 revenues were up 30% and met expectations at $140 million, the drilldowns were not so good. NEWR’s free cash flow of $19 million missed the estimate by $5 million; billings, at $125 million, were below the consensus of $131 million; and the company’s earnings beat reflected lower expenses rather than increased sales. NEWR missed its target on new customers for the quarter. Shares dropped by one third after the Q1 report.That drop was seen by Coleman and Tiger Global Management as a buying opportunity, because in Q2 the hedge purchased 2.92 million shares of NEWR, an acquisition worth over $196 million now. The NEWR purchase is the only one of the three in this list that has gained value since Coleman’s fund picked it up.The company’s recent Q2 report sheds some light on the stock’s relative strengths. NEWR showed an EPS of 24 cents, soundly beating the 15-cent expectation and nearly double the year-ago figure. Revenue was up to $145.8 million, a 4% sequential gain. Still, this stock is down 16% year-to-date. The company is introducing a new platform for its software products, and management has not yet convinced investors that the transition is smooth.Raimo Lenschow, 5-star analyst from Barclays and rated 20 overall in TipRanks’ database, takes a cautionary stance on NEWR. He writes, “We believe New Relic shares will likely come under pressure in the near term given… we believe Q2 didn’t provide evidence of moderating competitive headwinds, and it is still the very early stages of new platform adoption. Hence, we continue to expect a long recovery ahead and see limited upside… in the near to mid-term.” Lenschow’s $65 price target is bearish, and implies a downside potential of 3% to the stock.For the most part, the Street’s analysts are still somewhat bullish on NEWR. The stock’s Moderate Buy consensus rating is built on 10 "buys," a strong base that is moderated by 3 "holds" and 1 "sell." The $76 average price target suggests a potential upside of 13% from the $67 trading price. (See New Relic stock analysis on TipRanks)
Tyson Foods Inc. says plant-based nuggets from its Beyond Meat Inc. competitor Raised & Rooted are now in 7,000 stores, almost double the number of stores since the company’s last earnings, with an expanded presence at food-service companies.
Yahoo Finance gives Conagra Brands' new plant-based Ultimate Burger a try. Here's our takeaway.
Beyond Meat's burgeoning relationship with McDonald's is reason to be bullish on shares of the plant-based meat maker, according to William Blair analyst Jon Andersen in a note Friday. Beyond Meat and McDonald's are currently running a test program in Canada and the firm expects the companies to expand into a larger program that could eventually turn into a "phased rollout" of the plant-based meat at McDonald's restaurants worldwide. "It is our sense that the relatively small initial test of the P.L.T. (plant, lettuce, and tomato) burger in 28 stores in Ontario, Canada, supplied by Beyond Meat will transition to a larger test in the United States and, eventually, a phased rollout of a plant-based burger to McDonald's locations in the United States and, perhaps, globally," Andersen wrote.
The co-founder’s departure comes more than two decades after launching the bottled tea company out of his Bethesda kitchen.
Defiance ETFs launched a new ETF on Thursday that offers access to disruptive companies driving technological trends in food sustainability.
A lot went wrong for Dean Foods. Investors, however, shouldn’t focus only on debt or strategic missteps. They should consider water scarcity too.
(Bloomberg) -- Travis Kalanick sold 6.1 million shares of Uber Technologies Inc. just days after disposing of a fifth of his stake, bringing the total offloaded to $711 million this month.The 43-year-old entrepreneur sold $164 million of his holdings in the ride-hailing company this week, according to a regulatory filing Wednesday. Last week he disposed of stock worth about $547 million.The sale underlines Kalanick’s focus on other investments, including CloudKitchens, which he funded with $300 million. A $400 million injection from Saudi Arabia’s Public Investment Fund valued the food startup at $5 billion, the Wall Street Journal reported last week.His remaining 4.2% stake in Uber is valued at $1.9 billion, or less than two-thirds of his $3.4 billion fortune, according to the Bloomberg Billionaires Index. When he was Uber’s chief executive officer, Kalanick said he retained all his shares in the company. That changed after his ousting in 2017. He sold stock in private transactions and had a 6% stake at the time of its May initial public offering.Kalanick has moved quickly to offload Uber shares since the IPO. This month’s trades came after a 180-day lockup period restricting insider and early investor sales expired last week.Uber shares fell 3.9% on Nov. 6 when its lockup expired. Beyond Meat Inc. has done even worse, falling 22% since its lockup ended. Shares in Avantor Inc., Fastly Inc. and Luckin Coffee Inc. all rose Wednesday when their restrictions were lifted.To contact the reporter on this story: Tom Metcalf in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sysco's (SYY) U.S. Foodservice local case volumes have been rising year over year for 22 consecutive quarters now. The International unit's performance has been mixed.
Dean Foods Inc. announced that it has filed for voluntary bankruptcy on Tuesday morning, falling victim to the growth in popularity of dairy alternatives like oat milk and almond milk and challenges with debt and pensions. The company said it is talking with the Dairy Farmers of America to possibly sell “substantially” all of its assets, but in the meantime, it’s business as usual. Dean Foods has gotten $850 million in debtor-in-possession financing from certain lenders and will use that, coupled with cash on hand and operating cash flow, to continue running the business.
Disney is in the process of reinventing itself around streaming. Disney (ticker: DIS) doesn’t expect Disney+ to turn a profit in the next five years—and that will be dragging on earnings. Honeywell (HON) makes products from airplane engines to electricity meters.
Beyond Meat Inc aims to start production in Asia before the end of next year, as it gets closer to selling its popular plant-based meat products in China, Executive Chairman Seth Goldman told Reuters. While Beyond Meat sells its products in Taiwan, Singapore and Hong Kong, the company and rival Impossible Foods are racing to expand sales to China, a major untapped market for products like the Beyond Sausage and Impossible Burger that have been hugely successful in the United States. As consumers grow more concerned about health and the environmental impact of industrial animal farming, the global plant-based market is expected to explode to an estimated $140 billion over the next decade, according to Barclays.
Beyond Meat (BYND) has had a beyond bad few weeks in the market, down by roughly 50% from its trading price at the start of October. The dump came following its Q3 report which was released just prior to the expiry of its lockup period – the moment when pre-IPO investors are permitted to finally sell their shares.Ironically, the horror show comes off the back of an earnings report which exceeded expectations. But it seems this wasn’t enough to reassure investors from stampeding to the exit doors, with several explanations in place for the selloff. Among those is the simple reason -- the stock price had shot up over 700% from its initial IPO price of $25, peaking at $239.71 in July. Even with the steep downturn, BNYD stock is still up 17% from its May 2 launch. Another concern is the new competition entering the market. Joining the animal meat industry disruptor are other large companies who smell opportunity and are likely to take a bite out of future profits.Subscribing to this narrative is Credit Suisse’s Robert Moskow, who said, “We don’t see anything stopping Beyond from reaching $1.0 billion in sales in the near-term. But Impossible Burger’s entrance into retail stores, Nestle’s entrance into the category, and the likelihood of greater private label availability makes the path to $2.0B+ a bit more complicated in our view.”Moskow reiterated a "hold" rating on BYND stock, but his $115 price target still implies about 50% from its current price. (To watch Moskow’s track record, click here)Barclays’ 4-star analyst Benjamin Theurer is rather more bullish, noting, “We see BYND as a well positioned company with the potential to capture a significant share of a market that could represent up to 10% of the global meat industry. We are considering BYND's pace of growth, the improvement of its products and the relevant market potential, and we forecast BYND to deliver both solid top-line and earnings growth.” Theurer sees BYND’s price at $185, or 140% premium to today's closing price.Another bull that hasn't lost faith in BYND is 4-star J.P. Morgan analyst Kenneth Goldman: "We believe in the BYND story and think the shares are undervalued, we think it is prudent to model steady growth in the out-years rather than an acceleration [...] Importantly, we remain confident about Beyond’s near- and medium-term potential, and we think guidance for 4Q19 is conservative. For investors seeking beat-and-raise stories, we still favor this name." Goldman rates the stock an Overweight along with $138 price target.All in all, the market’s current view on BYND is a mixed bag, indicating uncertainty as to its prospects. The stock has a Hold analyst consensus rating with only 3 recent "buy" ratings. This is versus 8 "hold" and 2 "sell" ratings. However, the $112.91 price target suggests an upside potential of nearly 50% from the current share price. (See Beyond Meat stock analysis on TipRanks)
The Silicon Valley food tech company expects the newest product to provide a stronger foothold into the Asian market.
Beyond Meat shares spiked after Berenberg initiated coverage at a ‘buy’ rating. Yahoo Finance’s Heidi Chung joins Akiko Fujita to discuss the plant-based meat company’s surging stock on The Ticker.