California-based Beyond Meat (BYND) is a multinational producer and supplier of plant-based meat products. It distributes its products through retailers and foodservice outlets. The company recently introduced its plant-based sausage for breakfast at all the major retailers in Canada.
With this in mind, let’s take a look at the financials of the company and understand what has changed in its key risk factors. (See Analysts’ Top Stocks on TipRanks)
Q3 Financial Results
Revenue during the third quarter of 2021 stood at $106.4 million, as compared to $94.4 million in the same quarter last year. Further, the company posted a loss of $0.87 per share against a loss of $0.31 per share in the same quarter last year.
Beyond Meat ended the third quarter with $886.4 million in cash and $1.1 billion in debt. (See Beyond Meat stock charts on TipRanks).
Risk Factors
According to the new TipRanks’ Risk Factors tool, BYND’s main risk categories are Finance & Corporate and Production, which account for 32% and 23%, respectively, of the total 74 risks identified for the stock. The company recently updated its profile with nine new risk factors.
BYND has told investors that some of its convertibles notes bear fluctuating interest rates, which could adversely impact its financial results.
Further, Beyond Meat cautions investors that its convertible notes contain certain conditions that may not favor them. It mentions that some of the conditions could prevent it from getting acquired even if such a takeover was favorable.
The company informs investors that it may fail to meet some of its debt obligations due to cash crunch.
Beyond Meat has also warned that COVID-19-related requirements may adversely impact its international expansion. The company points out that its actual results may differ significantly from the forecasts due to the uncertainty caused by the pandemic.
The Finance and Corporate risk factor’s sector average stands at 34%, compared to BYND’s 32%. Shares of the company have declined 32% year-to-date.
Analysts’ Take
Following Beyond Meat’s third-quarter earnings report, Oppenheimer analyst Rupesh Parikh reiterated a Hold rating on the stock.
Consensus among analysts is a Moderate Sell based on 1 Buy, 7 Holds, and 6 Sells. The average Beyond Meat price target of $86.09 implies 1.10% upside potential to current levels.
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