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


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…


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