Beyond Meat, Inc. (NASDAQ:BYND) Receives Consensus Recommendation of “Strong Sell” from Brokerages

Shares of Beyond Meat, Inc. (NASDAQ:BYND) have been given a consensus recommendation of “Strong Sell” by the nine research firms that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $5.06.

A number of brokerages have recently commented on BYND. BMO Capital Markets cut their price objective on 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. Mizuho cut their price objective on Beyond Meat from $6.00 to $5.00 and set an “underperform” rating for the company in a research report on Monday. The Goldman Sachs Group cut their price objective on Beyond Meat from $4.00 to $3.50 and set a “sell” rating for the company in a research report on Thursday, May 9th. Finally, Canaccord Genuity Group cut their price objective on Beyond Meat from $9.00 to $7.00 and set a “hold” rating for the company in a research report on Friday, May 10th.

Beyond Meat Price Performance

BYND opened at $6.13 on Wednesday. The company has a market capitalization of $397.75 million, a price-to-earnings ratio of -1.19 and a beta of 2.26. Beyond Meat has a 1-year low of $5.13 and a 1-year high of $12.53. The business has a 50 day moving average price of $6.37 and a two-hundred day moving average price of $7.09.

Beyond Meat (NASDAQ:BYND) last released its earnings results on Wednesday, August 7th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.02). The business had revenue of $93.19 million during the quarter, compared to analysts’ expectations of $87.81 million. During the same period last year, the business earned ($0.83) EPS. Beyond Meat’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities analysts expect that Beyond Meat will post -2.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Beyond Meat

Hedge funds have recently modified their holdings of the stock. Banque Cantonale Vaudoise increased its stake in shares of Beyond Meat by 117.4% in the first quarter. Banque Cantonale Vaudoise now owns 3,220 shares of the company’s stock worth $26,000 after acquiring an additional 1,739 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Beyond Meat in the fourth quarter worth $48,000. Canada Pension Plan Investment Board acquired a new position in shares of Beyond Meat in the second quarter worth $41,000. Scarborough Advisors LLC acquired a new position in shares of Beyond Meat in the fourth quarter worth $62,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Beyond Meat in the fourth quarter worth $93,000. 52.48% of the stock is owned by institutional investors and hedge funds.

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.