Beyond Meat stock plummeted Oct. 29, 2019 despite solid financial results.
- Shares for the alternative meat darling dropped 20% Tuesday.
- The dip comes on the first day that company insiders can sell stock since the company’s IPO, with the “lockup” period expiring — which apparently spooked Wall Street.
- Beyond Meat reported positive financials for quarter three, including ones that were better than analysts were predicting.
- The company is worth around $6.4 billion.
- Even with the dip, the stock is still trading at about four times its IPO.
- Notably, CEO Ethan Brown told CNBC that he’s not selling his shares — and is instead focusing on driving the company to $40 billion in revenue.
- Brown did acknowledge that employees and other insiders who hold IPO shares may have cashed out early, as is common with many IPOs.