A Beyond Meat Burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. Picture taken June 3, 2019.
Shannon Stapleton | Reuters
Shares of Beyond Meat fell on Monday after the company delayed its third-quarter financial results.
The plant-based meat maker will now report earnings after the market closes on Nov. 11. Beyond Meat said it delayed its results because it needs more time to calculate a material non-cash impairment charge related to certain long-lived assets.
Beyond Meat had become a meme stock in October, rising from a sub-$2 price to nearly $8 at one point as traders on Robinhood and other brokerages crowded in to the stock following its addition to the Roundhill Meme Stock ETF and in order to possibly exploit a large short position by hedge funds.
The shares were off by more than 11% to $1.47, below its $1.89 close to end September.
Source link
