Beyond Meats saw a 20% drop in their stock price on Tuesday. The New York Post is reporting that the drop in price comes as the company reported a a loss of $19 million and saw weakening sales.
Beyond Meats reported that COVID-19 is bringing along challenges as the demand for the product is weakening at restaurants. According to the report, demand for Beyond Meat’s plant-based burgers and sausages are dropping after shoppers initially stocked up.
Shares closed at $120.50 which is down 20% from the previous day.
Another possible reason for the drop in shares could be the confusion around their dealings with McDonalds. Beyond says that it has partner with McDonalds to create the “McPlant,” a report that McDonalds denies. McDonalds claims that they have not yet announced their partner for the “McPlant.”