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Beyond Meat (BYND) shares were volatile after hours Monday after the company posted mixed second-quarter results and then announced a large secondary share offering.  

The plant-based meat company reported a net loss of 24 cents per share on revenue of $67.3 million vs. analyst expectations of a loss of 8 cents per share on revenue of $52.7 million.

Beyond Meat shares initially rose on its results but fell sharply after the secondary share offering of 3.45 million shares was announced. Shares were lately down 9.1% to $201.99 after falling 5.4% during regular hours trading. According to its release, three million of the shares will be offered by "certain selling stockholders" while the remaining shares will be offered by Beyond Meat itself. The company said it plans to use the proceeds to improve production and supply capabilities as well as for marketing and promotional purposes.

For the full year, the company now expects net revenue to exceed $240 million, up from its previous view of $210 million. Analysts polled by FactSet were estimating full year revenue of $221.2 million.  

"We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets," CEO Ethan Brown said. 

The average analyst rating on Beyond Meat was a hold with an average price target standing at $106.61 a share, a downside of about 52% from Monday's closing price of $222.13.

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