Beyond Meat Drops 8% Following Piper Sandler Survey
2022.04.06 23:52
By Sam Boughedda
Investing.com — Beyond Meat Inc (NASDAQ:BYND) shares closed Wednesday’s session down 8% after a survey from Piper Sandler showed teens are losing interest in plant-based meat.
While a survey of 7,200 teens showed that 43% consume or are willing to consume plant-based meat, that number declined from 47% in the Fall 2021 survey and 49% in Spring 2021.
Furthermore, out of the 86% of teens surveyed who do not eat plant-based meat, 34% are willing to try it. However, this is another decline from the 38% who said they were willing to try it in Piper’s Fall 2021 survey.
When it comes to brand preference, Beyond Meat was the second most mentioned brand with 32%, according to Piper.
Michael Lavery, an analyst at Piper Sandler, reiterated an underweight rating and a $29 price target on Beyond Meat shares, which are down about 25% year-to-date.
