Beyond Meat (NASDAQ:BYND) Upgraded by Zacks Investment Research to Hold

Beyond Meat (NASDAQ:BYNDGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Beyond Meat Inc. is a food company. It manufactures, markets and sells plant-based meat products primarily in the United States and internationally. The company sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love and The Cookout Classic brand names. Beyond Meat Inc. is based in El Segundo, California. “

Several other research firms also recently weighed in on BYND. BMO Capital Markets decreased their price target on shares of Beyond Meat from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Friday, February 25th. Canaccord Genuity Group decreased their price objective on shares of Beyond Meat from $80.00 to $50.00 and set a “hold” rating on the stock in a research report on Friday, February 25th. Canaccord Genuity Group decreased their price objective on shares of Beyond Meat from $80.00 to $50.00 and set a “hold” rating on the stock in a research report on Friday, February 25th. Citigroup decreased their price objective on shares of Beyond Meat from $70.00 to $55.00 and set an “underperform” rating on the stock in a research report on Wednesday, January 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Beyond Meat from $54.00 to $32.00 and set an “underweight” rating on the stock in a research report on Friday, February 25th. Seven analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Beyond Meat currently has a consensus rating of “Hold” and an average target price of $66.84.

BYND traded down $2.95 during trading on Tuesday, hitting $35.53. The company’s stock had a trading volume of 2,163,888 shares, compared to its average volume of 3,576,009. The company has a quick ratio of 8.60, a current ratio of 11.17 and a debt-to-equity ratio of 8.53. Beyond Meat has a one year low of $35.53 and a one year high of $160.28. The firm has a market cap of $2.26 billion, a PE ratio of -12.34 and a beta of 1.61. The business’s 50 day simple moving average is $45.53 and its 200-day simple moving average is $65.19.

Beyond Meat (NASDAQ:BYNDGet Rating) last released its quarterly earnings results on Thursday, February 24th. The company reported ($1.27) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.73) by ($0.54). Beyond Meat had a negative return on equity of 84.30% and a negative net margin of 39.19%. The business had revenue of $100.70 million during the quarter, compared to the consensus estimate of $101.92 million. During the same quarter in the previous year, the business posted ($0.34) earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. Equities research analysts expect that Beyond Meat will post -3.18 EPS for the current fiscal year.

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

Several hedge funds have recently added to or reduced their stakes in the stock. CarsonAllaria Wealth Management Ltd. bought a new stake in Beyond Meat during the 4th quarter valued at about $28,000. PSI Advisors LLC bought a new stake in Beyond Meat during the 3rd quarter valued at about $37,000. Rosenberg Matthew Hamilton lifted its holdings in Beyond Meat by 44.0% during the 4th quarter. Rosenberg Matthew Hamilton now owns 583 shares of the company’s stock valued at $38,000 after buying an additional 178 shares in the last quarter. Samalin Investment Counsel LLC raised its holdings in shares of Beyond Meat by 1,657.1% in the 4th quarter. Samalin Investment Counsel LLC now owns 615 shares of the company’s stock valued at $40,000 after purchasing an additional 580 shares in the last quarter. Finally, Close Asset Management Ltd raised its holdings in shares of Beyond Meat by 33.6% in the 3rd quarter. Close Asset Management Ltd now owns 410 shares of the company’s stock valued at $43,000 after purchasing an additional 103 shares in the last quarter. 65.18% of the stock is owned by hedge funds and other institutional investors.

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.

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