Beyond Meat (NASDAQ:BYND) Downgraded by Zacks Research to Strong Sell

Beyond Meat (NASDAQ:BYND) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently commented on BYND. Barclays cut their target price on shares of Beyond Meat from $1.00 to $0.50 and set an “underweight” rating on the stock in a report on Thursday, April 2nd. BMO Capital Markets cut their target price on shares of Beyond Meat from $4.00 to $1.00 and set a “market perform” rating on the stock in a report on Monday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Beyond Meat in a report on Wednesday, January 21st. Two analysts have rated the stock with a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Strong Sell” and an average target price of $0.83.

Beyond Meat Trading Up 3.8%

BYND stock opened at $0.60 on Tuesday. Beyond Meat has a twelve month low of $0.50 and a twelve month high of $7.69. The company’s 50 day moving average is $0.72 and its two-hundred day moving average is $1.15. The stock has a market cap of $273.21 million, a P/E ratio of -0.21 and a beta of 2.67.

Beyond Meat (NASDAQ:BYND) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.17). The business had revenue of $61.59 million for the quarter, compared to the consensus estimate of $63.00 million. On average, equities research analysts predict that Beyond Meat will post -2.1 earnings per share for the current year.

Hedge Funds Weigh In On Beyond Meat

A number of institutional investors have recently modified their holdings of BYND. UBS Group AG increased its holdings in shares of Beyond Meat by 674.8% in the 4th quarter. UBS Group AG now owns 9,788,528 shares of the company’s stock valued at $8,027,000 after acquiring an additional 8,525,183 shares during the period. Geode Capital Management LLC increased its holdings in shares of Beyond Meat by 445.0% in the 4th quarter. Geode Capital Management LLC now owns 9,927,157 shares of the company’s stock valued at $8,142,000 after acquiring an additional 8,105,718 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Beyond Meat by 497.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,383,511 shares of the company’s stock valued at $2,774,000 after acquiring an additional 2,816,778 shares during the period. GMT Capital Corp acquired a new position in Beyond Meat in the 2nd quarter valued at $5,046,000. Finally, Vontobel Holding Ltd. increased its stake in Beyond Meat by 38.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 2,917,994 shares of the company’s stock valued at $5,515,000 after buying an additional 804,125 shares during the period. 52.48% of the stock is owned by institutional investors and hedge funds.

Beyond Meat Company Profile

Beyond Meat, Inc (NASDAQ: BYND) develops, manufactures and sells plant-based meat substitutes designed to replicate the taste, texture and appearance of animal-based proteins. Since its founding in 2009 by Ethan Brown and initial public offering in 2019, the company has focused on leveraging proprietary technology and ingredient blends to produce a suite of products that cater to both retail and foodservice channels. Beyond Meat’s mission centers on offering more sustainable protein options by reducing reliance on livestock farming and its associated environmental footprint.

The company’s product portfolio includes Beyond Burger, Beyond Sausage, Beyond Beef and Beyond Chicken, each formulated to appeal to a broad range of consumers seeking meat alternatives without compromising on flavor or cooking versatility.