Beyond Meat Drops 8% Following Piper Sandler Survey

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Beyond Meat Drops 8% Following Piper Sandler Survey

By Sam Boughedda -- Beyond Meat Inc (NASDAQ: BYND ) shares closed Wednesday's session down 8% after a survey from Piper Sandler showed teens are losing interest in plant-based meat.

While a survey of 7,200 teens showed that 43% consume or are willing to consume plant-based meat, that number declined from 47% in the Fall 2021 survey and 49% in Spring 2021.

Furthermore, out of the 86% of teens surveyed who do not eat plant-based meat, 34% are willing to try it. However, this is another decline from the 38% who said they were willing to try it in Piper's Fall 2021 survey.

When it comes to brand preference, Beyond Meat was the second most mentioned brand with 32%, according to Piper.

Michael Lavery, an analyst at Piper Sandler, reiterated an underweight rating and a $29 price target on Beyond Meat shares, which are down about 25% year-to-date.

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