Beyond Meat’sPremarket trading on Thursday saw stock tumble 17% as Wall Street expressed doubts about the company’s future growth prospects.

A plant-based meat manufacturer reported disappointing third-quarter resultsAfter Wednesday’s bell. It suffered a larger loss than it expected and revenue was lower than what the company had predicted, despite a last-month warning. Beyond gave a dark outlook and indicated that sales won’t recover quickly.

Jefferies described it as “the quarter most likely to break the camel’s back”. Bernstein analyst Alexia Howard downgraded the stockInvestors were told not to buy the dip.

Robert Moskow from Credit Suisse wrote, “We see the results as additional evidence that Beyond’s company is reaching market saturation more quickly than we expected” in a note.

Beyond listed several factors that contributed to its poor quarter including the severe weather in Delta and restaurant labor difficulties. Ethan Brown, the CEO, told investors that the problem was largely temporary.

Analysts are however more skeptical. J.P. Morgan’s Ken Goldman quoted Maple Leaf FoodsMichael McCain, the CEO, told investors last Wednesday that they are seeing a “markedly slowdown” within the plant-based protein categories. This may indicate a shift away from the expected high growth rates in the sector.

“We are not yet sure who is right – Beyond Meat or Maple Leaf Foods – but when we hear commentary like this, it’s hard to be completely confident about the future of the category,” Goldman wrote.

Brown stated Wednesday evening, that he was optimistic about 2022. Analysts aren’t sure that this is true, but the company doesn’t believe it. Bryan Spillane from Bank of America Securities wrote that results for next year would depend on the launch of McDonald’sMcPlant Burger and its partnership with national chains like McDonald’s Yum Brands’ Pizza Hut. McDonald’s. currently conducting an operational test of the McPlantIt is now sold at a select number of U.S. eateries and in several international markets.

Spillane stated that there is a concern about the U.S. meat trial, and how slowing demand has been in grocery shops.

Rob Dickerson of Jefferies predicted that the stock will remain under pressure until better information about the long-term growth and consumption patterns of plant-based protein, as well as the market environment. Beyond’s shares fell 38% on Thursday, giving the stock a market valuation of $4.88 million.