BUZZ-Highly shorted Beyond Meat's shares double after qtrly report

Shares of Beyond Meatmore than doubled in extended trading after the plant-based meat seller's Q4 report. The company's net revenue in the quarter beat estimates, and the CEO announced plans to reduce operating expenses and cash use. Short interest in BYND shares stood at about 40% of public float as of Jan 31.

(Updates)

** Shares of Beyond Meat (BYND.O) more than double to $15.50 in extended trading after plant-based meat seller’s Q4 report

** BYND hit highest levels since Aug after hours. Stock last up 80% at $13.58

** Co says net rev in qtr fell ~8% to $73.7 mln, beating LSEG estimate of $66.7 mln

** CEO says co will “steeply reduce” operating expenses and cash use this year

** Co says expects 2024 rev of $315-$345 mln

** Short interest in BYND shares stood at about 40% of public float as of Jan 31, LSEG data showed

** About 8 mln shares have traded after hours compared to stock’s 10-DMA volume of roughly 2.7 mln, per LSEG data

** Shares have lost 14% YTD and have shed nearly 60% over the past 12 months through Tues and have market cap of about $475 mln

(Lance Tupper is a Reuters market analyst. The views expressed are his own)