Beyond Meat (BYND), AppLovin (APP) and On Holding (ONON) stocks fell to new 52-week lows on Tuesday as a reverse-split warning, doubts over AI-driven growth and disappointing sales exposed growing investor concerns across the three once-popular stocks.
Beyond Meat and On Holding stocks plunged over 19% and 20%, respectively, while AppLovin stock dropped nearly 6%.
Beyond Meat’s stock plummeted to a record low of $0.41 after announcing plans for a 1-for-30 reverse stock split. The plant-based food company is using the move to address Nasdaq's minimum bid-price requirement as it contends with declining sales and mounting balance-sheet pressure.
Beyond Meat’s revenue fell 8.2% in the second quarter compared to last year. The company also changed the terms of its 2030 convertible notes as part of its efforts to manage its debt. Beyond expects revenue to fall again in the third quarter, raising more concerns about whether the company can turn its business around.
On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory.
AppLovin stock also came under pressure, hitting an annual low of $318.12 after Bank of America downgraded the stock to ‘Neutral’ from ‘Buy’ and reduced its price target to $400 from $430. The firm questioned whether AppLovin can sustain its long-term target of roughly 30% revenue growth.
Analyst Omar Dessouky raised concerns that recent improvements have relied heavily on adjustments made by engineers to gaming models rather than advances from self-learning systems. Without another major innovation cycle, investors could begin valuing AppLovin more like an established adtech business than a rapidly expanding AI-driven platform, said BofA. However, retail sentiment around the stock remained in ‘extremely bullish’ territory.
Swiss athletic footwear company On Holding hit a two-year low of $30.11 after second-quarter sales came in below expectations. Revenue reached CHF 850.3 million ($1.047 billion), missing the CHF 879.57 million analyst forecast, while management reduced its full-year 2026 revenue outlook.
William Blair downgraded the stock to ‘Market Perform’ because of weaker expectations. Truist kept its “Buy” rating, seeing the drop as a possible buying opportunity before On Holding’s September investor event. Retail sentiment also became more positive.
So far this year, ONON, BYND and APP stocks have declined between 33% and 52%.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
