Shares of plant-based meat company Beyond Meat, Inc. (BYND) climbed over 5% on Monday as investors anticipated a positive earnings report for the third quarter of 2024. The stock surge came amid growing optimism over the company's potential for revenue growth and signs of a turnaround after a challenging period.
Analysts are forecasting Beyond Meat's revenue to increase by 6.5% year-over-year to $80.19 million in Q3 2024, reversing an 8.7% decline in the same quarter last year. This projected revenue growth has fueled investor confidence, driving up the stock price ahead of the earnings release scheduled for after market close on Tuesday.
Although an adjusted loss of $0.47 per share is expected, most analysts have maintained their estimates over the past month, indicating a belief that Beyond Meat's business is stabilizing. The company's peers in the perishable food segment, such as Fresh Del Monte Produce and Pilgrim's Pride, have recently reported solid revenue growth, further bolstering the positive sentiment surrounding the industry.
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