Beyond Meat stock price forecast for Q4 as it launches retail vegan chicken tenders

On Monday, Beyond Meat Inc. (NASDAQ:BYND) said it will start selling meatless chicken tenders at select retailers nationwide in October. The BYND stock price surged more than 3% following the announcement. 

The US food company focuses on the manufacture and marketing of plant-based meat products. The Beyond Chicken Tenders derive protein from the Faba Bean, a nutrient-packed legume crop. 

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The company said the vegan chicken tenders will be sold in grocery aisles pre-cooked, ready-to-heat in the air fryer, oven or microwave. Beyond meat is also expanding its product offering in Walmart stores where its products are currently sold.

Should you invest in Beyond Meat now?

From a valuation perspective, Beyond Meat shares trade at a steep price-sales ratio of 15.73, making the stock less attractive to value investors. Moreover, its price-book value of 27/08 suggests the stock could be substantially overvalued.

Analysts also expect its earnings per share to plummet by more than 187% this year before bouncing back by 63% next year. In addition, they expect its earnings to decline at an average annual rate of 4% over the next five years.

Therefore, growth investors could also opt for alternatives in the market. However, due to the changing eating habits and the growing popularity of plant-based meat products, Beyond Meat could still be an exciting long-term buy for those willing to overlook the short-term turbulence.

Can Beyond Meat complete a channel breakout?

Technically, Beyond Meat shares seem to have recently bounced off the trendline support in the intraday chart. As a result, the stock price has now surged closer to the trendline resistance.

However, it is still far from reaching the overbought conditions of the 14-day RSI. Therefore, the current rebound could continue, triggering a channel breakout.

As a result, investors can target extended gains at about $119.40 or higher at $125.72, while $106.40 and $99.84 are crucial support levels.

Bottom line: the Beyond Meat rebound seems poised to continue

In summary, although Beyond Meat shares continue to face significant fundamental headwinds, the company still offers an exciting long-term future. 

Moreover, the recent rebound still seems to have momentum, meaning it could continue to the foreseeable future.

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