Beyond Meat's CEO and other insiders are selling shares early. That looks like a signal that the near-800% jump in the stock since May's IPO is overcooked. Yet investors are unlikely to pay much heed, explains AntonyMCurrie.
Beyond Meat on July 29 said it has started work on a secondary offering of common stock, less than three months after its initial public offering.
The plant-based food company is selling 250,000 shares, while several pre-IPO stock owners are selling 3 million shares, equivalent to around 5% of its outstanding common stock. Kleiner, Perkins, Caufield & Byers is selling the most, with the offer reducing its stake by about a percentage point to just under 12%. Another 50 investors are also selling some of their holdings.
Chief Executive Ethan Brown is selling 39,121 shares, though will keep his ownership at around 5%. Also taking part in the offering are several other directors or executives, 29 other employees and 30 so-called company ambassadors and non-employee investors. Beyond Meat also reported second-quarter earnings on July 29. Net revenue increased 287% from the same period last year to $67.3 million, beating the mean estimate of sell-side analysts of $52.7 million, according to data from Refinitiv. The net loss of $9.4 million grew from $7.4 million in last year’s second quarter.
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