Since its IPO on May 2nd, plant-based meat alternative brand, Beyond Meat (BYND), has been one of the hottest stocks in the market. Last night, the company had its first earnings report as a public company. The results seemed to justify the run-up in price since the IPO as it saw an earnings triple play (beat EPS, beat revenues, raised guidance). EPS came in negative but 1 cent above analyst estimates. Revenues were $40.2 million versus estimates of $38.93 million. The major highlight of these revenue numbers was a year-over-year growth rate of an astounding 214.1%. The company also raised guidance. This has rocketed the stock higher as it now sits up 25.92% today, and that is off of the day’s highs and below the opening price!
Another recent IPO, Zoom Video (ZM), is also up over 20% on an earnings triple play reported last night. This provider of video communication services reported EPS of $0.03 compared to estimates of $0.01. Revenues also came at $122 million, well above estimates. Similar to BYND, revenues also saw substantial year-over-year growth of 103.1%.
Perspecta (PRSP) was the third triple play reported last night after the close. While not as green as ZM or BYND, Perspecta is still fairly new as it first hit the market just over a year ago. PRSP beat EPS by 7 cents and revenues by $16 million. Not as high of a growth rate as the others, PRSP still boasts high YoY growth of 53%. Relative to the other triple plays today, PRSP hasn’t been nearly as volatile but it has made a solid push higher. The stock gapped up 2.18% at the open, rising further from the open now sitting 5.85% above last night’s close. It now sits just 2.28% below its highs from the first week of May. Start a two-week free trial to Bespoke Premium to track all earnings triple plays on a daily basis!