Roughly 80% of Beyond Meat's outstanding shares will become eligible to trade on Tuesday, which could pressure the stock in the near-term.
Beyond Meat's stock is down nearly 20% in premarket trading on the heels of the recent IPO's stock lockup expiration.
Wall Street is bullish on the stock after its first profitable earnings report on Monday, but the analysts warn that won't matter with the wave of selling coming.Beyond Meat CEO Ethan Brown celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.after the alternative meat producer reported a much bigger profit than expected, but they warned the fundamentals may not matter right now for the once red-hot initial public offering.
The shares plunged nearly 20% to around $85 in premarket trading as investors anticipated a wave of insider selling. At that price, the stock would be down 65% from its record intraday high of $239.71 in July as the alternative meat hype reached a fever pitch. "Putting the lockup expiry in the past ultimately should incent some investors to start buying the stock again, though the shares could fade lower beforehand," Goldman warned.
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