A flood of Wall Street analysts slashed their price targets for Beyond Meat as its post-IPO lockup expired - and the stock plunged 24%

Reuters / Brendan McDermid

• A rash of Wall Street analysts have lowered their price targets on Beyond Meat following the expiration of its post-initial public offering lockup period on Tuesday.
• That means roughly 48 million more shares are now available to trade.
• Through Monday, Beyond Meat's stock had surged 322% from its IPO price.
• The shares fell as much as 24% on Tuesday amid the expiry.
• Watch Beyond Meat trade live on Markets Insider.

Beyond Meat's post-initial public offering lockup period expiration date is upon us. That means early investors and corporate insiders are able to cash in shares for the first time.

It's been a long time coming for those in possession of locked-up shares. The watched helplessly - unable to sell - as Beyond Meat shares skyrocketed as much as 840% in just under three months after going public. Luckily for them, the stock was still up 322% through Monday, leaving it ripe for profit-taking.

And insiders seem to have taken advantage. Shares of the plant-based alternative meat company declined as much as 24% on Tuesday.

A rash of Wall Street price target downgrades fueled the fire, even after Beyond Meat reported better-than-expected third-quarter earnings on Monday. The report showed that the company earned a profit for the first time as a public entity, even going as far as to boost its full-year 2019 revenue guidance.

But, given that roughly 48 million shares - or 75% of Beyond's shares outstanding - hit the market Tuesday, analysts are wary of the downward pressure it will have on the stock, especially given its torrid post-IPO returns.

"We expect further volatility in Beyond Meat's stock price as more public float becomes available after the lock-up expires," wrote Alexia Howard of Bernstein in a note Monday.

Here's a rundown of six Wall Street price-target cuts levied on Beyond Meat: