Beyond Meat, Inc. (NASDAQ:BYND – Get Free Report) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 23,720,000 shares, a drop of 7.3% from the August 15th total of 25,590,000 shares. Currently, 39.0% of the company’s stock are sold short. Based on an average daily trading volume, of 2,980,000 shares, the days-to-cover ratio is presently 8.0 days.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the stock. Mizuho dropped their target price on shares of Beyond Meat from $6.00 to $5.00 and set an “underperform” rating for the company in a research report on Monday, August 26th. BMO Capital Markets decreased their price target on Beyond Meat from $9.00 to $6.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Six investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $5.06.
Check Out Our Latest Analysis on Beyond Meat
Institutional Trading of Beyond Meat
Beyond Meat Trading Up 3.7 %
NASDAQ BYND traded up $0.23 during trading hours on Wednesday, reaching $6.53. The company’s stock had a trading volume of 2,358,738 shares, compared to its average volume of 3,059,267. The business has a 50-day simple moving average of $6.19 and a 200 day simple moving average of $6.92. Beyond Meat has a 52 week low of $5.13 and a 52 week high of $12.12. The stock has a market cap of $423.70 million, a PE ratio of -1.26 and a beta of 2.25.
Beyond Meat (NASDAQ:BYND – Get Free Report) last announced its quarterly earnings results 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 company had revenue of $93.19 million during the quarter, compared to analyst estimates of $87.81 million. During the same quarter last year, the business posted ($0.83) earnings per share. The company’s revenue was down 8.8% on a year-over-year basis. As a group, equities analysts predict that Beyond Meat will post -2.12 EPS for the current year.
About Beyond Meat
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.
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