Beyond Meat, Inc. (NASDAQ:BYND – Get Rating) shares dropped 5.3% on Thursday after Canaccord Genuity Group lowered their price target on the stock from $30.00 to $22.00. The stock traded as low as $15.01 and last traded at $15.06. Approximately 29,730 shares were traded during trading, a decline of 99% from the average daily volume of 3,106,252 shares. The stock had previously closed at $15.90.
A number of other analysts have also recently weighed in on the company. Bank of America decreased their price objective on Beyond Meat from $20.00 to $10.00 and set an "underperform" rating for the company in a research report on Friday, August 5th. Mizuho increased their price target on Beyond Meat from $21.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, August 8th. UBS Group boosted their price objective on shares of Beyond Meat from $20.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, August 5th. Piper Sandler reduced their target price on shares of Beyond Meat from $9.00 to $8.00 and set an "underweight" rating for the company in a research note on Wednesday. Finally, Barclays lifted their target price on shares of Beyond Meat from $25.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, August 8th. Six analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $40.47.
Get Beyond Meat alerts:Insider Buying and Selling
In other Beyond Meat news, insider Beth Moskowitz sold 2,000 shares of the company's stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $37.51, for a total value of $75,020.00. Following the sale, the insider now owns 22,358 shares of the company's stock, valued at $838,648.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.90% of the stock is currently owned by insiders.
Institutional Trading of Beyond Meat
Several institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. raised its position in shares of Beyond Meat by 1.1% during the 1st quarter. Baillie Gifford & Co. now owns 8,564,394 shares of the company's stock worth $413,745,000 after purchasing an additional 92,912 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Beyond Meat by 1.0% in the first quarter. Vanguard Group Inc. now owns 5,046,377 shares of the company's stock worth $243,791,000 after acquiring an additional 51,491 shares during the last quarter. Ninety One UK Ltd lifted its position in shares of Beyond Meat by 16.2% in the first quarter. Ninety One UK Ltd now owns 1,375,607 shares of the company's stock valued at $66,456,000 after acquiring an additional 192,289 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Beyond Meat by 5.4% during the second quarter. SG Americas Securities LLC now owns 1,109,388 shares of the company's stock valued at $26,559,000 after acquiring an additional 56,748 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Beyond Meat by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 765,090 shares of the company's stock worth $49,853,000 after purchasing an additional 19,830 shares in the last quarter. Hedge funds and other institutional investors own 60.98% of the company's stock.Beyond Meat Stock Down 4.1 %
The stock has a market cap of $970.94 million, a price-to-earnings ratio of -2.90 and a beta of 1.86. The company has a current ratio of 7.48, a quick ratio of 5.16 and a debt-to-equity ratio of 27.60. The firm's 50 day moving average is $28.94 and its two-hundred day moving average is $32.71.
Beyond Meat (NASDAQ:BYND – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.53) EPS for the quarter, missing analysts' consensus estimates of ($1.22) by ($0.31). The firm had revenue of $147.00 million for the quarter, compared to analysts' expectations of $149.08 million. Beyond Meat had a negative return on equity of 400.17% and a negative net margin of 71.78%. The business's quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.31) earnings per share. On average, sell-side analysts predict that Beyond Meat, Inc. will post -5.26 EPS for the current year.
Beyond Meat Company Profile
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Beyond Meat, Inc manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells a range of plant-based meat products across the platforms of beef, pork, and poultry. It sells its products through grocery, mass merchandiser, club store, convenience store and natural retailer channels, and direct-to-consumer, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.
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