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Beyond Meat Unveils Plant-Based Chicken Tenders at U.S. Eateries

Beyond Meat's plant-based chicken tenders, launched at U.S. restaurants, are made of faba beans, peas and other ingredients.

Beyond Meat  (BYND) - Get Beyond Meat, Inc. Report unveiled plant-based chicken tenders at restaurants across the U.S. 

The tenders are crafted to look, cook and taste like traditional chicken tenders, the El Segundo, Calif., alternative-meat company says.

"We’re innovating the poultry market with the new Beyond Chicken Tenders,” Chief Innovation Officer Dariush Ajami said in a statement.

Beyond Meat's tenders are made from plant-based ingredients like faba beans and peas. They contain 14 grams of protein per serving, but they have 40% less saturated fat than other restaurant chicken tenders, the company says. 

Consumer demand for chicken is skyrocketing amid a national shortage, the company says. 

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In late May, analysts at Bernstein issued a double upgrade of the stock, urging investors to buy the dip. 

Bernstein lifted its rating on Beyond Meat to outperform ahead of what it saw as a 'significant' increase in restaurant sales powered by state reopenings around the country. 

In May, Beyond Meat posted a wider-than-expected first-quarter loss of 42 cents a share as expenses piled up and restaurant sales slowed while the pandemic eased.

U.S. food-service sales fell 26% to $16.7 million in its most recent quarter, and 44% to $10.4 million internationally, Beyond Meat said. 

U.S. retail sales rose 28% to $63.8 million, while international retail sales nearly tripled to $17.2 million.

At last check in a sharply down market, Beyond Meat shares were off 1% at $139.