Beyond Meat Inc (BYND) reported mixed 2nd Quarter results with earnings of -$0.24/share, missing expectations, but Sales of $67.3 million beating expectations. The biggest news on the call was the announcement of a secondary offering of 3 million shares from existing investors and 250 thousand shares from the company. BYND investors will be able to cash in on the companyâ€™s nearly fourfold rise in its stock price ahead of their November lockup period expiration and Beyond Meat Inc. will be able to raise cash for operational purposes.
Beyond Meat Inc (BYND) and Dunkinâ€™ Brands Group Inc (DNKN) have partnered to introduce the Beyond Sausage Breakfast Sandwich joining Burger Kingâ€™s Impossible Whopper as a plant-based meat alternative fast food menu item. BYND is up almost 10% in late afternoon trading and short sellers are getting the non-meat sweats as they are down -$112 million in mark-to-market losses on the news.
Beyond Meat Incâ€™s (BYND) stock price soared to $201.88 at the open, a +19% move, after being up 12% on Monday. BYND short sellers took a $100 million mark-to-market hit to their P\L yesterday and were down an additional $173 million in mark-to-market losses at the open. At the open, short sellers were down $739 million in mark-to-market losses since BYNDâ€™s IPO. BYNDâ€™s stock price could not hold their early morning gains and is now up just under $1 for the day. Shorts are now down only $4 million in daily mark-to-market losses, down a total of $570 million in mark-to-market losses since the IPO.
Beyond Meat Inc (BYND) reported 1st Quarter increased revenues of $40.2 million, an increase of 215% year on year as well as projecting full year revenues of $210 million. With sales and retail demand growing at breakneck speed Beyond Meat has increased its manufacturing capacity in hopes of meeting the additional demand. The plant based protein food producer believes it will become â€śbreak evenâ€ť on an EBITDA basis for the year.
Beyond Meat Incâ€™s (BYND) stock price has increased by 244% since its May IPO and short sellers, most of whom entered their trades after BYNDâ€™s initial pop to $70, are down 20%. Short sellers had been very active immediately after BYNDâ€™s IPO but recently been relatively quiet with shares shorted increasing by only 838 thousand shares, +$67 million, over the last week.