beyond meat inc shares were down 16 to 7919 after the company issued quarterly results and guidance below analyst expectations the plantbased meat company after the bell wednesday reported thirdquarter revenue of 1064 million missing factset consensus for 1092 million loss per share of 87 cents was wider than factset consensus for a 38cent loss beyond meat guided for fourthquarter revenue of 85 million to 110 million below factset consensus for 1305 million the company said its operating environment continues to be affected by nearterm uncertainty related to covid19 and its potential impact including on demand levels labor availability and supply chain disruptions jp morgan said in a note that it remains underweight on the stock and has a 54 price target which is down from the prior target of 79 beyond is pointing fingers at some exogenousenvironmental factors that seem to be affecting few other food producers for example the company highlighted consumers making fewer trips to grocery stores trying fewer new items and being less interested in healthy eating right now but the foodathome category in general remains very strong especially in the face of higher prices jp morgan said in its note unlike 2020 when foodservice channel just led to a market increase in retail activity as foodservice demand reduced we did not see a corresponding increase in activity in retail as the brand or category level during the third quarter beyond meat chief executive ethan brown said during the companys conference call mr brown in the call said the environment is characterized by rapidly changing and we believe largely transitory dynamics jp morgan in its note said that the companys management acknowledged most of its problems were driven by low demand not by supply constraints though that contributed as well clearly some demand headwinds hurt bynd more than it anticipated especially on the foodservice side where us labor is short and franchisees dont want to add many items to menus but we would have hoped that an overarching driver continued strength of foodathome patterns in general would have provided a larger positive offset jp morgan said btig said in a note that complexion of sales growth showed weakness in its core us market across all channels this weakness appears to have continued into 4q with revenue guidance well below already lowered estimates all eyes now seem to be on the performance of mcplant in europe and the potential launch in the us next year but this seems to be the only bright spot in an otherwise disappointing print mcdonalds said recently it is conducting an operations test of the mcplant plantbased burger for a limited time in eight restaurants across the us the mcplant includes a plantbased patty codeveloped with beyond meat that is exclusive to mcdonalds mcdonalds said the mcplant has also been introduced in various markets overseas this year including sweden denmark the netherlands austria and the uk