Finance

Beyond Meat shares plunge nearly 20% despite solid results as insiders rush for the exits

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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…



Source cnbc.com

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