Bank of America Cuts Beyond Meat (NASDAQ:BYND) Price Target to $10.00

Beyond Meat (NASDAQ:BYNDGet Rating) had its target price reduced by Bank of America from $20.00 to $10.00 in a research note released on Friday, The Fly reports. They currently have an underperform rating on the stock.

Other analysts have also issued research reports about the stock. Barclays lowered shares of Beyond Meat from an overweight rating to an equal weight rating and dropped their price target for the stock from $80.00 to $25.00 in a research note on Thursday, May 12th. UBS Group lifted their price target on shares of Beyond Meat from $20.00 to $30.00 and gave the stock a neutral rating in a research note on Friday. BMO Capital Markets dropped their price target on shares of Beyond Meat from $60.00 to $30.00 in a research note on Thursday, May 12th. Cowen lowered their target price on shares of Beyond Meat from $42.00 to $26.00 in a research note on Thursday, May 12th. Finally, Piper Sandler lowered their target price on shares of Beyond Meat from $29.00 to $12.00 in a research note on Thursday, May 12th. Six equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $41.71.

Beyond Meat Price Performance

NASDAQ BYND opened at $38.26 on Friday. The company’s fifty day simple moving average is $28.67 and its 200-day simple moving average is $39.58. Beyond Meat has a 52 week low of $20.50 and a 52 week high of $134.99. The company has a debt-to-equity ratio of 27.60, a current ratio of 9.08 and a quick ratio of 6.27.

Beyond Meat (NASDAQ:BYNDGet Rating) last posted its earnings results on Thursday, August 4th. The company reported ($1.53) EPS for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.35). Beyond Meat had a negative return on equity of 262.32% and a negative net margin of 71.78%. The firm had revenue of $147.00 million for the quarter, compared to analyst estimates of $149.08 million. During the same period in the previous year, the firm posted ($0.31) earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, research analysts expect that Beyond Meat will post -4.61 earnings per share for the current year.

Institutional Investors Weigh In On Beyond Meat

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D raised its holdings in Beyond Meat by 86.4% during the second quarter. State of New Jersey Common Pension Fund D now owns 93,218 shares of the company’s stock worth $2,232,000 after purchasing an additional 43,214 shares in the last quarter. Seven Eight Capital LP raised its holdings in Beyond Meat by 81.5% during the second quarter. Seven Eight Capital LP now owns 9,933 shares of the company’s stock worth $238,000 after purchasing an additional 4,460 shares in the last quarter. Van ECK Associates Corp raised its holdings in Beyond Meat by 40.6% during the second quarter. Van ECK Associates Corp now owns 211,920 shares of the company’s stock worth $5,074,000 after purchasing an additional 61,215 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Beyond Meat by 4,288.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,975 shares of the company’s stock worth $47,000 after purchasing an additional 1,930 shares in the last quarter. Finally, Once Capital Management LLC raised its holdings in Beyond Meat by 18.4% during the second quarter. Once Capital Management LLC now owns 64,300 shares of the company’s stock worth $1,539,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors own 67.15% of the company’s stock.

About Beyond Meat

(Get Rating)

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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