Beyond Meat (NASDAQ:BYND) Rating Lowered to Underweight at Consumer Edge

Beyond Meat (NASDAQ:BYND) was downgraded by Consumer Edge from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. They presently have a $5.00 price objective on the stock. Consumer Edge’s price objective would suggest a potential downside of 25.82% from the stock’s previous close.

Several other brokerages have also issued reports on BYND. TD Cowen began coverage on Beyond Meat in a research note on Wednesday, September 13th. They issued an “underperform” rating and a $10.00 target price on the stock. Barclays dropped their price objective on shares of Beyond Meat from $9.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, November 2nd. Piper Sandler cut their target price on shares of Beyond Meat from $6.00 to $3.00 and set an “underweight” rating for the company in a research report on Friday, September 22nd. Mizuho lowered shares of Beyond Meat from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $12.00 to $5.00 in a research report on Thursday, October 12th. Finally, BMO Capital Markets cut their price objective on shares of Beyond Meat from $13.00 to $7.00 and set a “market perform” rating for the company in a report on Thursday, November 9th. Seven research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $7.88.

Beyond Meat Price Performance

Shares of Beyond Meat stock opened at $6.74 on Monday. The firm has a market cap of $435.00 million, a PE ratio of -1.73 and a beta of 2.24. Beyond Meat has a 1 year low of $5.58 and a 1 year high of $22.87. The stock has a fifty day moving average price of $8.35 and a 200-day moving average price of $11.36.

Beyond Meat (NASDAQ:BYND) last posted its quarterly earnings data on Wednesday, November 8th. The company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.26). The company had revenue of $75.31 million for the quarter, compared to analyst estimates of $86.45 million. During the same period in the previous year, the business earned ($1.60) EPS. The business’s revenue was down 8.7% compared to the same quarter last year. As a group, equities analysts anticipate that Beyond Meat will post -3.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Beyond Meat

Institutional investors have recently made changes to their positions in the stock. Raymond James & Associates grew its position in Beyond Meat by 47.6% in the first quarter. Raymond James & Associates now owns 22,013 shares of the company’s stock worth $1,063,000 after acquiring an additional 7,094 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Beyond Meat by 12.5% in the 1st quarter. US Bancorp DE now owns 5,137 shares of the company’s stock worth $248,000 after purchasing an additional 571 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of Beyond Meat during the 1st quarter valued at about $164,000. Vontobel Holding Ltd. raised its holdings in shares of Beyond Meat by 27.3% during the 1st quarter. Vontobel Holding Ltd. now owns 33,205 shares of the company’s stock valued at $1,604,000 after buying an additional 7,111 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in Beyond Meat by 14.7% in the 1st quarter. Blair William & Co. IL now owns 29,695 shares of the company’s stock worth $1,435,000 after buying an additional 3,796 shares during the last quarter. Institutional investors own 38.19% of the company’s stock.

Beyond Meat Company Profile

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