Beyond Meat, Inc. (NASDAQ: BYND) shares plummeted 5.12% in intraday trading on Monday, following a significant price target cut by Mizuho analysts. The investment bank lowered its target price for the plant-based meat company from $3 to $2, signaling continued pessimism about the company's near-term prospects.

The sharp decline comes amid ongoing challenges for Beyond Meat, which has been struggling to maintain growth and profitability in the competitive alternative protein market. Despite reporting a 4% year-on-year revenue increase to $76.66 million in its most recent quarter, the company continues to face headwinds in both its retail and foodservice segments.

While Beyond Meat's CEO Ethan Brown highlighted improvements in gross margin and reduced operating expenses in 2024, investors seem unconvinced about the company's turnaround efforts. The stock has been on a downward trajectory, with today's drop adding to its significant losses over the past year. As the plant-based meat industry faces saturation and increased competition, Beyond Meat will need to demonstrate substantial improvements in its financial performance to regain investor confidence.