BYND Stock Surges 13% Pre-Market Today: Meme Stock Frenzy Appears To Overshadow Mizuho’s Price Target Cut

• Mizuho analyst John Baumgartner maintained an ‘Underperform’ rating on Beyond Meat stock, according to TheFly.
• Baumgartner said that a "weak" category growth and company fundamentals warrant an ‘Underperform’ rating on Beyond Meat.
• The retail user message count on Beyond Meat on Stocktwits has increased nearly 1,000% in the last seven days.

Beyond Meat (BYND) shares rose nearly 13% in premarket trading on Friday, even as Mizuho lowered its price target to $1.50 from $2, as the stock has been at the center of a meme-stock rally this week.

The retail user message count on Beyond Meat on Stocktwits has increased nearly 1,000% in the last seven days. Retail sentiment on the stock has remained unchanged in the ‘extremely bullish’ territory, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.

Mizuho’s Take On Beyond Meat

Mizuho analyst John Baumgartner maintained an ‘Underperform’ rating on Beyond Meat stock, according to TheFly. Baumgartner noted that the company has improved its balance sheet following last week's convertible notes exchange, but at the expense of significant equity dilution.

Last week, the company’s stock had tumbled following the announcement of the early settlement of its previously announced exchange offer for convertible senior notes due 2027. Mizuho analyst Baumgartner said that a "weak" category growth and company fundamentals warrant an ‘Underperform’ rating on Beyond Meat.

Shares of Beyond Meat have declined nearly 25% this year and have lost 55% of their value in the last 12 months.

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