Things have gone from bad to worse for Beyond Meat (NASDAQ: BYND).
Although its IPO was one of the hottest of the year, with the stock price climbing more than 250% in less than three months, things have taken a downward turn. Since late July, Beyond Meat's shares have been in free fall, and the stock plunged again shortly after the company released its third-quarter results on Oct. 28.
To its credit, the company had a strong showing for the quarter, which should have been enough to at least stop the stock's rapid decline. With earnings per share of $0.06 coming in well above the $0.03 that was expected by analysts, and revenues of $92 million also coming in well above the $82.2 million that analysts were looking for, Beyond Meat solidly beat the consensus expectations. In addition, management also increased its guidance for the year: It now forecasts annual revenues will reach as high as $275 million, a significant improvement from its earlier projection of $240 million.