Benzinga | Sep 16, 2021 01:14PM EDT

Why Beyond Meat's Stock Is Trading Lower Today

Beyond Meat, Inc. (NASDAQ:BYND) shares are trading lower after Piper Sandler downgraded the stock from Neutral to Underweight and lowered its price target from $120 to $95.

Piper Sandler analyst Michael Lavery noted 'Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations, and our foodservice estimates may be high, too.'

Beyond Meat is a provider of plant-based meats, such as burgers, sausage, ground beef, and chicken. The products are widely available across the U.S. and Canada and in 83 additional countries as well.

Beyond Meat's stock was trading about 5.6% lower at $104.58 per share on Thursday at the time of publication. The stock has a 52-week high of 221 and a 52-week low of $99.86.