Beyond Meat (NASDAQ:BYND) Raised to Hold at Zacks Research

Beyond Meat (NASDAQ:BYND) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other analysts also recently weighed in on the company. Barclays dropped their price target on Beyond Meat from $1.00 to $0.50 and set an “underweight” rating on the stock in a research note on Thursday, April 2nd. BMO Capital Markets dropped their price target on Beyond Meat from $4.00 to $1.00 and set a “market perform” rating on the stock in a research note on Monday, April 6th. Three analysts have rated the stock with a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, Beyond Meat has a consensus rating of “Strong Sell” and a consensus price target of $0.83.

Beyond Meat Stock Performance

Beyond Meat stock opened at $0.76 on Monday. The business’s 50-day simple moving average is $0.78 and its two-hundred day simple moving average is $0.86. The company has a market cap of $393.98 million, a PE ratio of -0.34 and a beta of 2.77. Beyond Meat has a fifty-two week low of $0.50 and a fifty-two week high of $7.69.

Beyond Meat (NASDAQ:BYND) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $58.21 million for the quarter, compared to the consensus estimate of $58.02 million. Beyond Meat had a negative return on equity of 54.39% and a net margin of 54.95%. As a group, analysts predict that Beyond Meat will post -0.35 EPS for the current fiscal year.

Insider Transactions at Beyond Meat

In other news, CFO Lubi Kutua sold 419,042 shares of the company’s stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $0.60, for a total value of $251,425.20. Following the sale, the chief financial officer owned 5,749,967 shares in the company, valued at $3,449,980.20. This represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Teri L. Witteman sold 29,978 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $1.00, for a total value of $29,978.00. Following the completion of the sale, the insider owned 4,178,194 shares in the company, valued at $4,178,194. The trade was a 0.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of Beyond Meat

A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in shares of Beyond Meat by 22.5% in the second quarter. The Manufacturers Life Insurance Company now owns 28,047 shares of the company’s stock worth $98,000 after buying an additional 5,143 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Beyond Meat by 8.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,749 shares of the company’s stock worth $275,000 after buying an additional 6,020 shares during the last quarter. Pitcairn Co. purchased a new stake in shares of Beyond Meat in the second quarter worth about $37,000. Cerity Partners LLC boosted its stake in shares of Beyond Meat by 76.2% in the second quarter. Cerity Partners LLC now owns 24,958 shares of the company’s stock worth $87,000 after buying an additional 10,792 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in Beyond Meat by 66.4% in the 2nd quarter. Cetera Investment Advisers now owns 27,378 shares of the company’s stock worth $96,000 after purchasing an additional 10,924 shares during the period. Hedge funds and other institutional investors own 52.48% of the company’s stock.

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.