Beyond Meat (BYND) Outpaces Stock Market Gains: What You Should Know
Beyond Meat (BYND) closed at $145.44 in the latest trading session, marking a +1.49% move from the prior day. This change outpaced the S&P 500's 0.8% gain on the day. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, added 1.12%.
Heading into today, shares of the plant-based meat company had lost 12.45% over the past month, lagging the Consumer Staples sector's loss of 1.5% and the S&P 500's loss of 1.07% in that time.
BYND will be looking to display strength as it nears its next earnings release.
Investors might also notice recent changes to analyst estimates for BYND. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection remained stagnant. BYND is currently a Zacks Rank #2 (Buy).
The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 204, putting it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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