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July 30 (Reuters) - Shares in meat alternatives company Beyond Meat slid on Tuesday, a day after the company known for its pea-based burgers and sausages announced a stock offering plan to raise capital just three months after going public.
Beyond Meat shares were down 10% at $199 in late morning trade on Nasdaq. The company on Monday said 3.25 million new shares would be issued, including 3 million shares from selling stockholders.
The El Segundo, California-based company said proceeds from the 250,000 shares offered will be used to expand Beyond Meat's manufacturing facilities and pay for marketing investments.
Beyond Meat's shares have surged more than 780% since its May IPO as the company's meat alternatives entered the menus of restaurants such as Carl's Jr and hit the shelves of grocers, including Kroger Co.
Analysts at JPMorgan in a note on Monday said Beyond Meat's growth opportunity and strong management were already reflected in the company's valuation.
Beyond Meat on Monday beat Wall Street's estimate for revenue in the three months ended June 29, reporting $67.3 million in second-quarter sales. It expects $240 million in 2019 net revenue, up from $210 million it forecast just last month.
Alexia Howard, an analyst at Bernstein, said plant-based meat alternatives had significant growth potential, with Beyond Meat being well-positioned as one of the industry's frontrunners.
According to a research report by Mintel, some 40% of U.S. consumers are looking to add more plant-based protein to their diet, amid growing concerns about health risks from eating meat, animal welfare and the environmental hazards of intensive animal farming.
But the company is seeing competition from Impossible Foods, another California plant-based burger startup, and meat companies like Tyson Foods Inc and Perdue Foods, which now offer meat protein products mixed with plants.
(Reporting by Tina Bellon in New York; Editing by Dan Grebler)