Beyond Meat, Inc. (NASDAQ:BYND) Short Interest Up 5.6% in October

Beyond Meat, Inc. (NASDAQ:BYND) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 26,150,000 shares, a growth of 5.6% from the September 30th total of 24,770,000 shares. Based on an average daily volume of 2,720,000 shares, the days-to-cover ratio is currently 9.6 days. Currently, 42.9% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several research firms recently commented on BYND. BMO Capital Markets reduced their price target on Beyond Meat from $9.00 to $6.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Mizuho cut their target price on shares of Beyond Meat from $6.00 to $5.00 and set an “underperform” rating on the stock in a research note on Monday, August 26th. Five analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, Beyond Meat presently has a consensus rating of “Reduce” and a consensus target price of $5.36.

Institutional Investors Weigh In On Beyond Meat

A number of institutional investors and hedge funds have recently modified their holdings of BYND. Mirae Asset Global Investments Co. Ltd. lifted its stake in Beyond Meat by 33.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 53,131 shares of the company’s stock worth $440,000 after acquiring an additional 13,358 shares in the last quarter. SG Americas Securities LLC boosted its position in Beyond Meat by 312.6% during the first quarter. SG Americas Securities LLC now owns 102,947 shares of the company’s stock worth $852,000 after purchasing an additional 77,996 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Beyond Meat in the 1st quarter valued at $902,000. ProShare Advisors LLC bought a new position in shares of Beyond Meat in the first quarter worth about $88,000. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of Beyond Meat by 30.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 22,061 shares of the company’s stock worth $183,000 after purchasing an additional 5,140 shares during the last quarter. 52.48% of the stock is owned by institutional investors and hedge funds.

Beyond Meat Price Performance

Shares of NASDAQ:BYND opened at $6.09 on Friday. Beyond Meat has a 12 month low of $5.13 and a 12 month high of $12.12. The stock has a market cap of $396.08 million, a price-to-earnings ratio of -1.25 and a beta of 2.26. The stock’s 50 day moving average price is $6.37 and its 200 day moving average price is $6.61.

Beyond Meat (NASDAQ:BYND) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.02). The firm had revenue of $93.19 million for the quarter, compared to the consensus estimate of $87.81 million. During the same quarter in the prior year, the company earned ($0.83) earnings per share. Beyond Meat’s revenue was down 8.8% on a year-over-year basis. On average, sell-side analysts expect that Beyond Meat will post -2.12 EPS for the current year.

Beyond Meat Company Profile

Beyond Meat, Inc, a plant-based meat company, develops, 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 stores, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.