Beyond Meat (NASDAQ:BYND) stock is taking a beating on Tuesday as investors lose confidence in the plant-based meat company over recent reports.
That includes allegations that the company is dealing with mold and listeria in its Pennsylvania factory. Several photos appear to show these issues and call into question the safety of food produced at the location.
Investors will also note that this isn’t the first time the company has dealt with these problems from this same factory. That’s not reassuring investors, considering that Beyond Meat touted the Pennsylvania facility as a major piece of its future.
More Bad News for BYND Stock
Unfortunately for investors, this is only one problem in the list of issues that Beyond Meat and BYND stock is dealing with. The attractiveness of plant-based meats has waned over the last year with consumers losing interest in the products, for instance.
That’s causing problems for the company, which can’t seem to pull off a win when its earnings reports come out. Without consumer interest, Beyond Meat is having a hard time expanding its business to new customers and is starting to stall out.
That’s not just shaking investor confidence. It also has analysts taking a negative view of the company. As of this writing, the analyst consensus for shares of BYND stock is “hold” with a price target of $20.38 per share.
BYND stock is down 7.2% as of Tuesday afternoon and down 81% since the start of the year.
Investors seeking out more recent stock market news will want to keep reading!
We’ve got all of the latest stock news traders need to know about on Tuesday! A few examples include what has shares of Netflix (NASDAQ:NFLX), Coinbase (NASDAQ:COIN) and High Tide (NASDAQ:HITI) stock on the move today. You can find out more on these matters at the links below!
More Tuesday Stock Market News
- Ryan Cohen Is Buying Up Netflix (NFLX) Stock. Here’s Why.
- Cathie Wood Is Doubling Down on Coinbase (COIN) Stock
- Why Is High Tide (HITI) Stock Up Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.