Beyond Meat CEO Ethan Brown (C) celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.
Drew Angerer | Getty Images
Wall Street was largely bullish on Beyond Meat after the alternative meat producer reported a much bigger profit than expected, but they warned the fundamentals may not matter right now for the once red-hot initial public offering.
Tuesday is the first time since the IPO that insiders can sell the stock, which could cause short-term pressure, analysts warned. Roughly 75% to 80% of the outstanding stock is available to trade following the lockup expiration.
The shares plunged nearly 20% to around $85 in premarket trading as…