Beyond Meat shares collapse after JP Morgan degrades the stock

<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Beyond the meat (BYNDAnother analyst worries about valuing his stock since the start of his initial public offering last month at 572%. "Data-reactid =" 11 "> The stock of its partner beyond Meat's (BYND) has grown by 572% worried analyst of valuation.

Ken Goldman, an analyst at JP Morgan Chase, lowered his rating on Beyond Meat shares by offsetting the overweight, due to concerns that the stock is too expensive. It maintained its target of $ 120 in equities, which would represent a 28.6% drop from Monday's closing price.

"As we wrote last week," We think that day has arrived, "said Goldman.

Beyond Meat shares fell 9.5% during pre-market trading.

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Shares of the plant-based meat processing company skyrocketed in the weeks following its IPO on May 2, raising the price of the IPO by nearly seven times. $ 25. The company's stock price at the close of Monday, at $ 168.10, had exceeded the price targets set by all major Wall Street analysts.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Beyond the meat first quarter sales last week& nbsp; results that exceeded analysts' consensus estimates and resulted in better-than-expected annual sales forecasts, fueling the growth scenario. The company also said it expected to see & nbsp;EBITDA profitability& nbsp; throughout the year, while Wall Street predicted a loss for the company. The report sent the stock to an unprecedented level. "Data-reactid =" 27 "> Beyond meat, sales in the first quarter were higher than analysts' forecasts and generated an annual turnover higher than forecast The company also announced that She was hoping to see a balanced EBITDA for the whole year, while Wall Street was expecting the company to record a loss, so the report took the title to an all-time record at the time.

<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Not all investors were happy with the meteoric stock of Beyond Meat Short sellers betting that stock prices would fall on Earth lost nearly $ 400 million until last Friday, while Beyond Meat shares continued to rise, according to S3 Partners, data & nbsp;quoted by CNBC. "data-reactid =" 28 "> Not all investors were pleased with the surge in shares of Beyond Meat Short sellers betting that stock prices would fall back to the ground lost nearly $ 400 million To last Friday, while Beyond Meat's shares continued to rise, Data from S3 Partners cited by CNBC.

According to Bloomberg data, Beyond Meat shares were rated Buy, 8 Holds and 0 Sell.

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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Emily McCormick is a journalist for Yahoo Finance. Follow her on Twitter: @emily_mcck"data-reactid =" 32 ">Emily McCormick is a journalist for Yahoo Finance. Follow her on Twitter: @emily_mcck

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