Beyond Meat (BYND) Dips More Than Broader Markets: What You Should Know
Beyond Meat (BYND) closed the most recent trading day at $169.64, moving -1.71% from the previous trading session. This change lagged the S&P 500's daily loss of 0.65%. At the same time, the Dow lost 0.42%, and the tech-heavy Nasdaq lost 0.46%.
Prior to today's trading, shares of the plant-based meat company had gained 1.59% over the past month. This has outpaced the Consumer Staples sector's gain of 1.15% and lagged the S&P 500's gain of 4.11% in that time.
BYND will be looking to display strength as it nears its next earnings release, which is expected to be July 29, 2019.
Investors might also notice recent changes to analyst estimates for BYND. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. BYND is currently sporting a Zacks Rank of #3 (Hold).
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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.