Beyond Meat shares fell almost 16%

Shares of the largest producer of plant-based meat Beyond Meat fell almost 16% during trading.

At its low, the stock traded at $91.55, down 15.71% from the previous October 21 close of $108.62. As of 20:50, they have rebounded slightly to $93.73, which is 13.71% less than the closing level.

The drop came after Beyond Meat cut its third-quarter revenue guidance, writes Bloomberg. The company expects revenue to be around $106 million, lower than its previous forecast of $120-140 million. Analysts had expected $134.3 million, according to the publication.

Downsizing the forecast, Beyond Meat cited, in particular, a decrease in demand due to the coronavirus, as well as a reduction in retail orders from the Canadian distributor.

• Beyond Meat was founded in 2009. Her portfolio includes contracts with McDonald's and Yum! Brands. The company went public with an IPO in 2019. In the same year, she first appeared in Russia.