Short Interest in Beyond Meat, Inc. (NASDAQ:BYND) Rises By 5.6%

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

Analysts Set New Price Targets

BYND has been the subject of a number of research analyst reports. Mizuho decreased their price target on Beyond Meat from $6.00 to $5.00 and set an “underperform” rating for the company in a research note on Monday, August 26th. BMO Capital Markets decreased their price objective on shares of Beyond Meat from $9.00 to $6.00 and set a “market perform” rating for the company in a research report on Thursday, August 8th. Five analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $5.36.

Hedge Funds Weigh In On Beyond Meat

A number of institutional investors have recently modified their holdings of BYND. Vanguard Group Inc. raised its position in shares of Beyond Meat by 3.0% in the first quarter. Vanguard Group Inc. now owns 5,351,777 shares of the company’s stock worth $44,313,000 after acquiring an additional 155,653 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in Beyond Meat by 42.7% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 625,396 shares of the company’s stock valued at $4,240,000 after purchasing an additional 186,996 shares during the period. Vontobel Holding Ltd. increased its position in shares of Beyond Meat by 91.5% in the third quarter. Vontobel Holding Ltd. now owns 569,773 shares of the company’s stock valued at $3,863,000 after buying an additional 272,240 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Beyond Meat by 141.8% in the second quarter. SG Americas Securities LLC now owns 248,921 shares of the company’s stock valued at $1,670,000 after buying an additional 145,974 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Beyond Meat by 5.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 235,016 shares of the company’s stock worth $1,577,000 after buying an additional 11,800 shares during the period. Hedge funds and other institutional investors own 52.48% of the company’s stock.

Beyond Meat Stock Down 1.7 %

Beyond Meat stock opened at $6.18 on Thursday. The stock has a 50-day moving average price of $6.38 and a 200 day moving average price of $6.62. The company has a market capitalization of $400.99 million, a price-to-earnings ratio of -1.20 and a beta of 2.26. Beyond Meat has a 52 week low of $5.13 and a 52 week high of $12.12.

Beyond Meat (NASDAQ:BYND) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.02). The business had revenue of $93.19 million for the quarter, compared to analyst estimates of $87.81 million. During the same period last year, the firm posted ($0.83) EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. Research analysts anticipate that Beyond Meat will post -2.12 EPS for the current fiscal 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.