Why Beyond Meat Stock Is Down Today: "McPlant Looks McDone"

Shares of plant-based meat supplier Beyond Meat Inc BYND are trading lower on Thursday following a JPMorgan memo suggesting that McDonald's Corp MCD halted its test of Beyond Meat's McPlant burger.

"We recently spoke with MCD employees at 25 locations that previously sold the product; each said the item was no longer on the menu," JPMorgan wrote in a memo to customers.

The analyst firm noted that some McDonald's employees cited poor sales as the reason the fast-food chain no longer offers the McPlant.

"Even if Street's estimates don't need to drop significantly due to McPlant's fortunes, it's hard to see BYND's stock multiple rising when the one of the most visible customers backed off," JPMorgan said.

See also: Why ServiceNow shares are down today

BYND Price Action: Beyond Meat has a 52-week high of $74 and a 52-week low of $20.50.

The stock was down 5.52% to $30.65 at press time, according to data from Benzinga Pro.

Photo: Courtesy of McDonald's.

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