Beyond Meat, Inc. (NASDAQ:BYND – Get Rating) shares traded down 5.3% during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $30.00 to $22.00. The company traded as low as $15.01 and last traded at $15.06. 29,730 shares traded hands during trading, a decline of 99% from the average session volume of 3,106,252 shares. The stock had previously closed at $15.90.
A number of other equities analysts also recently weighed in on the stock. Piper Sandler cut their price target on shares of Beyond Meat from $9.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday. Mizuho boosted their price target on shares of Beyond Meat from $21.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. Barclays boosted their price target on shares of Beyond Meat from $25.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, August 8th. Bank of America cut their price target on shares of Beyond Meat from $20.00 to $10.00 and set an “underperform” rating on the stock in a report on Friday, August 5th. Finally, UBS Group boosted their price target on shares of Beyond Meat from $20.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Six equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $40.47.
Insiders Place Their Bets
In other Beyond Meat news, insider Beth Moskowitz sold 773 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $42.70, for a total value of $33,007.10. Following the completion of the sale, the insider now owns 24,358 shares of the company’s stock, valued at $1,040,086.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.90% of the stock is owned by insiders.
Institutional Trading of Beyond Meat
A number of institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new stake in Beyond Meat in the second quarter worth $106,000. Brown Advisory Inc. lifted its stake in Beyond Meat by 49.2% in the second quarter. Brown Advisory Inc. now owns 8,974 shares of the company’s stock worth $215,000 after acquiring an additional 2,960 shares during the period. Captrust Financial Advisors lifted its stake in Beyond Meat by 48.6% in the second quarter. Captrust Financial Advisors now owns 1,746 shares of the company’s stock worth $42,000 after acquiring an additional 571 shares during the period. Legal & General Group Plc lifted its stake in Beyond Meat by 7.0% in the second quarter. Legal & General Group Plc now owns 55,367 shares of the company’s stock worth $1,325,000 after acquiring an additional 3,616 shares during the period. Finally, Chilton Investment Co. Inc. purchased a new stake in Beyond Meat in the second quarter worth $798,000. Hedge funds and other institutional investors own 60.98% of the company’s stock.
Beyond Meat Stock Performance
The business has a fifty day simple moving average of $29.23 and a 200-day simple moving average of $32.82. The company has a quick ratio of 5.16, a current ratio of 7.48 and a debt-to-equity ratio of 27.60. The firm has a market cap of $951.87 million, a P/E ratio of -2.93 and a beta of 1.86.
Beyond Meat (NASDAQ:BYND – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.31). The firm had revenue of $147.00 million during the quarter, compared to the consensus estimate of $149.08 million. Beyond Meat had a negative return on equity of 400.17% and a negative net margin of 71.78%. Beyond Meat’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.31) EPS. On average, sell-side analysts predict that Beyond Meat, Inc. will post -5.26 EPS for the current fiscal year.
About Beyond Meat
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.