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

Beyond Meat, Inc. (NASDAQ:BYND – Get Rating) has been given a consensus recommendation of “Hold” by the twenty-one ratings firms that are currently covering the firm, Marketbeat Ratings reports. Eight analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $66.84.

A number of research firms have commented on BYND. Canaccord Genuity Group decreased their price target on Beyond Meat from $80.00 to $50.00 and set a “hold” rating on the stock in a research note on Friday, February 25th. HSBC upgraded Beyond Meat from a “reduce” rating to a “hold” rating and set a $62.00 price target on the stock in a research note on Friday, January 21st. Cowen decreased their price target on Beyond Meat from $53.00 to $42.00 and set a “market perform” rating on the stock in a research note on Friday, February 25th. Canaccord Genuity Group decreased their price target on Beyond Meat from $80.00 to $50.00 and set a “hold” rating on the stock in a research note on Friday, February 25th. Finally, Citigroup decreased their price target on Beyond Meat from $70.00 to $55.00 and set an “underperform” rating on the stock in a research note on Wednesday, January 5th.

In related news, Director Diane Carhart sold 5,048 shares of the stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $43.20, for a total value of $218,073.60. Following the transaction, the director now owns 1,540 shares of the company’s stock, valued at $66,528. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.90% of the company’s stock.

Several hedge funds have recently modified their holdings of BYND. Morgan Stanley grew its holdings in shares of Beyond Meat by 27.3% during the second quarter. Morgan Stanley now owns 426,618 shares of the company’s stock worth $67,189,000 after purchasing an additional 91,460 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in shares of Beyond Meat during the third quarter worth about $3,641,000. Vontobel Holding Ltd. boosted its stake in shares of Beyond Meat by 137.6% during the third quarter. Vontobel Holding Ltd. now owns 30,811 shares of the company’s stock worth $3,243,000 after buying an additional 17,844 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Beyond Meat by 0.4% during the third quarter. Commonwealth Equity Services LLC now owns 26,277 shares of the company’s stock worth $2,765,000 after buying an additional 102 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Beyond Meat during the third quarter worth about $169,000. 65.18% of the stock is currently owned by institutional investors.

BYND traded up $2.38 during trading hours on Tuesday, reaching $43.14. The company’s stock had a trading volume of 78,009 shares, compared to its average volume of 3,699,348. Beyond Meat has a fifty-two week low of $35.74 and a fifty-two week high of $160.28. The stock has a market cap of $2.74 billion, a PE ratio of -14.67 and a beta of 1.61. The business’s 50-day moving average is $48.15 and its 200-day moving average is $67.59. The company has a debt-to-equity ratio of 8.53, a current ratio of 11.17 and a quick ratio of 8.60.

Beyond Meat (NASDAQ:BYND – Get Rating) last released its quarterly earnings data on Thursday, February 24th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.54). Beyond Meat had a negative net margin of 39.19% and a negative return on equity of 84.30%. The business had revenue of $100.70 million during the quarter, compared to analyst estimates of $101.92 million. During the same quarter in the prior year, the company posted ($0.34) earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Analysts expect that Beyond Meat will post -3.19 EPS for the current year.

About Beyond Meat (Get Rating)

Beyond Meat, Inc 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 store, convenience store and natural retailer channels, and direct-to-consumer, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.

See Also