Shares of Beyond Meat (BYND) dropped 7.99% to close below $100 (at $97.90) for the first time since June 3. The drop cut gains for the plant-based “meat” company since its IPO to a mere 292%.
Driving the drop are fears that insiders will sell a day after October 29 earnings when restrictions on insider selling expire on October 30.
A similar bout of insider sell in July sent the stock down from its post IPO highs when some, including CEO Ethan Brown, took advantage of a secondary offering to sell shares at a deep discount. That was enough to overwhelm a generally positive revenue report.
Revenue for the third quarter is expected to triple based a growing number of partnerships with retailers and restaurants. The company is expected to report a loss.
If you’ve been looking for a chance to get these shares at a reasonable price, you may get your opportunity relatively soon.