BYND stock remains depressed, but the faux-meat maker is now reportedly pushing into the protein segment, joining Starbucks, Coca-Cola, and PepsiCo to attract health-conscious Americans
- According to the Associated Press, the company rebranded its packaging as “Beyond The Plant Protein Co.” or simply “Beyond.”
- In January, Beyond announced Beyond Immerse, a combination drink made from plant protein, fiber, antioxidants, and electrolytes designed to replenish the body.
- Last week, Beyond said it was expanding its protein lineup and adding four new flavors.
Shares of Beyond Meat have tumbled nearly 18% so far this week, snapping two straight weeks in the green. Now, reports have emerged that the company has dropped “meat” from its name and will be focusing its product offerings on the protein drink segment.
According to the Associated Press, the company rebranded its packaging as “Beyond The Plant Protein Co.” or simply “Beyond.” The report noted that it also changed its website and social media channels this week.
The company, once known for its plant-based meat products, has been struggling to drum up demand after larger concerns emerged about its ingredients and production methods.
Beyond’s Protein Push
A look at Beyond’s launches in the last few months shows no update on its faux meat products. But in January, Beyond announced Beyond Immerse, a combination drink made from plant protein, fiber, antioxidants, and electrolytes designed to replenish the body.
The push into protein-based offerings comes at a time when even larger consumer and restaurant companies are exploring the need to cater to a growing audience in the United States seeking more healthful, lifestyle-based drinks.
Even Starbucks has introduced a new menu containing protein as a main ingredient in its coffee drinks, while McDonald’s is expanding its protein burger line-ups to cater to GLP-1 users, who are becoming more careful about their eating habits.
PepsiCo and Coca-Cola are also introducing probiotic and energy drinks in their portfolios to offset the demand hit on traditional drinks such as sodas and canned juices.
Last week, Beyond said it was expanding on its protein line-up and is adding four new flavors, such as Cherry Berry, Strawberry Lemonade, Piña Colada, and Cucumber Grapefruit, available for a limited time on Beyond Test Kitchen.
What Is Retail Thinking About BYND?
Retail sentiment on Beyond dipped to ‘neutral’ from ‘bullish’ a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits.
“So no earnings? Just a name change?” a user on the platform asked as the company is due to report its fourth-quarter earnings.
“Damn, so I was right, they sold their factory and didn't have another one to produce from, and now they're just making drinks. According to a Reddit user, BYND already filed its Q4 report with the SEC. Can anyone confirm this?” a bearish user said on Stocktwits.
Wall Street analysts on average have a ‘Sell’ rating on the stock, according to Koyfin, with three out of seven analysts rating it ‘Hold’ and four ‘Sell’ or lower. The average price target on the stock is $1.61, implying a 106% upside to the last closing price.
Shares of Beyond have lost nearly 76% of their value in the last 12 months. The stock closed at $0.78 on Thursday, a far cry from its peak of $239.71 in July 2019.
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