Beyond Meat Expands Breakfast-Sausage Distribution - TheStreet

Beyond Meat Expands Breakfast-Sausage Distribution

Beyond Meat will more than double distribution points for its breakfast sausage, six months after it introduced the product.
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Beyond Meat  (BYND) - Get Report said it was expanding distribution of its Beyond Breakfast Sausage to an additional 5,000 locations, including Kroger  (KR) - Get Report, Target  (TGT) - Get Report and Walmart  (WMT) - Get Report.

The El Segundo, Calif., company unveiled Beyond Breakfast Sausage Patties at retailers in mid-March and consumers' response was "overwhelmingly positive,” Chief Growth Officer Chuck Muth said in a statement.

Beyond Meat shares at last check fell 2.9% to $144.79 amid a broad-market selloff. 

It's more than doubling distribution points for the breakfast sausage. And the company now distributes its products at about 26,000 retail outlets across the U.S. 

Beyond Meat says it was the top seller of refrigerated plant-based meat during the week through Aug. 9, citing data-tech company Spins. That's the most recent data available.

Last week, Beyond Meat launched its plant-based Beyond Meatballs, the third new product it has introduced this year. 

On Friday, analysts at JPMorgan lowered their rating on the plant-based-food group amid concern that the stock's recent rally was "not supported by fundamentals."

JPMorgan analyst Ken Goldman cut his rating on Beyond Meat to underweight from neutral, with a price target of $122 a share.

The move followed a six-month rally that nearly tripled the share price. Goldman said that jump was "above and beyond what we consider rational even for a good company like Beyond Meat."

Last month, Beyond Meat reported a second-quarter loss of $10.2 million as the cost of rerouting its burgers and sausages from restaurants to retail outlets during the peak of the coronavirus pandemic ate into its bottom line.