Pea Protein in the Inventory, More Than Nine Days Old

We are concerned by revenue weakness in the Foodservice business, despite distribution gains. Insider sales continued in August. As a result, we are adding BYND to our Biggest Concerns List. Inventories at Beyond Meat, Inc. (BYND) are at record highs at the end of 2Q20. While the raw materials driven 2Q20 inventory build may be viewed by investors as less problematic than the 1Q20 inventory build (which was driven by finished goods), we note that the Company reduced production in 2Q20 (only partially attributed to Covid-19), thus our concerns about end demand remain.