Oatly down after Beyond Meat points to weak plant-based food demand

BYND Cannasoft Enterprises

11/11/2021 17:18

** Shares of oat milk maker Oatly Group  OTLY.O  fall as
much as 8.7% to $11.26, touching lowest level since co went
public in May
    ** OTLY last down ~4% and set for second straight session of
losses, after plant-based meat maker Beyond Meat  BYND.O  on
Thursday signaled slowing demand at restaurants and grocers with
a weak sales forecast  urn:newsml:reuters.com:*:nL4N2S22QN
    ** BYND shares down 15% in afternoon trading   
    ** "OTLY shares are likely falling in response to BYND's
disastrous 3Q results and weak 4Q outlook," CFRA analyst Arun
Sundaram says      
    ** Investors are likely worried whether some of the category
slowdowns that BYND experienced in U.S. plant-based meat could
spill over into U.S. plant-based milk - Sundaram
    ** OTLY due to report Q3 results on Monday; stock trading
~30% below its IPO price of $17

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday  ;))