Beyond Meat (NASDAQ:BYND) Price Target Cut to $3.50

Beyond Meat (NASDAQ:BYND) had its price objective reduced by equities researchers at The Goldman Sachs Group from $4.00 to $3.50 in a report released on Thursday, Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential downside of 57.37% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Mizuho cut their target price on shares of Beyond Meat from $7.00 to $6.00 and set an “underperform” rating for the company in a research note on Monday, April 22nd. TD Cowen cut their price objective on Beyond Meat from $10.00 to $6.00 and set a “sell” rating for the company in a research report on Wednesday, April 17th. Argus upgraded Beyond Meat from a “sell” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, BMO Capital Markets increased their price target on Beyond Meat from $7.00 to $10.00 and gave the company a “market perform” rating in a research note on Wednesday, February 28th. Six investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $5.50.

Beyond Meat Stock Down 0.8 %

NASDAQ:BYND opened at $8.21 on Thursday. Beyond Meat has a twelve month low of $5.58 and a twelve month high of $19.25. The firm has a market capitalization of $531.02 million, a price-to-earnings ratio of -1.57 and a beta of 2.42. The stock’s 50 day moving average price is $7.64 and its two-hundred day moving average price is $7.58.

Beyond Meat (NASDAQ:BYND) last issued its earnings results on Wednesday, May 8th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.05). The company had revenue of $75.60 million for the quarter, compared to analyst estimates of $75.24 million. During the same quarter last year, the firm posted ($0.92) EPS. The company’s revenue was down 18.0% compared to the same quarter last year. As a group, analysts anticipate that Beyond Meat will post -2.29 earnings per share for the current year.

Institutional Investors Weigh In On Beyond Meat

A number of hedge funds and other institutional investors have recently modified their holdings of BYND. Banque Cantonale Vaudoise increased its holdings in shares of Beyond Meat by 117.4% during the first quarter. Banque Cantonale Vaudoise now owns 3,220 shares of the company’s stock worth $26,000 after purchasing an additional 1,739 shares during the period. Clear Street Markets LLC bought a new stake in shares of Beyond Meat during the 3rd quarter valued at $31,000. Quest Partners LLC bought a new stake in shares of Beyond Meat during the 4th quarter valued at $48,000. Scarborough Advisors LLC acquired a new stake in shares of Beyond Meat during the 4th quarter worth $62,000. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Beyond Meat in the third quarter worth $84,000. Institutional investors and hedge funds own 52.48% of the company’s stock.

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.