As the likes of Uber and Lyft attempt to crawl back from its below-initial public offering (IPO) level, one food stock has been soaring since its debut on the stock exchange.
Beyond Meat, the vegan food company, has spiked from $45 to as high as $168.
On Tuesday, however, it has been a different case. The stock cratered more than 21 percent to under $132, which is still impressive but it is obvious that traders overvalued the company.
So, what happened?
A stock downgrade.
JPMorgan downgraded shares, projecting that the real target is $121 a share.
So far, Beyond Meat has one buy, eight holds, and zero sell ratings.
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