Beyond Meat shares fall as demand weakens and losses grow

Shares of faux meat products maker Beyond Meat BYND.O down ~10% at 63 cents in premarket

Co missed Wall Street estimates for fourth-quarter sales and posted a larger-than-expected operating loss on Tuesday due to sluggish demand for its higher-priced processed food products

Co said on Tuesday it was unable to estimate when its annual report will be filed; earlier this month, co said it would delay the report after identifying material weaknesses in controls related to inventory accounting, including excess or obsolete stock

Beyond sees first quarter net revenue between $57 mln and $59 mln, below expectations of $66.8 mln

Eight analysts rate the stock "hold" on average; median PT is $1.13, a 38% downside to the stock's last close - data compiled by LSEG

As of last close, BYND is down ~14% YTD