Beyond Meat (NASDAQ:BYND) Price Target Cut to $6.00

Beyond Meat (NASDAQ:BYND) had its price target decreased by equities research analysts at TD Cowen from $10.00 to $6.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “sell” rating on the stock. TD Cowen’s price objective would suggest a potential downside of 6.25% from the company’s current price.

Several other equities analysts also recently commented on BYND. Mizuho boosted their target price on shares of Beyond Meat from $5.00 to $7.00 and gave the stock an “underperform” rating in a report on Thursday, February 29th. Argus raised shares of Beyond Meat from a “sell” rating to a “hold” rating in a report on Thursday, February 29th. Finally, BMO Capital Markets boosted their target price on shares of Beyond Meat from $7.00 to $10.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. Five equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat.com, Beyond Meat currently has a consensus rating of “Reduce” and an average target price of $6.00.

Beyond Meat Price Performance

Shares of NASDAQ:BYND opened at $6.40 on Wednesday. Beyond Meat has a 1-year low of $5.58 and a 1-year high of $19.25. The company has a market capitalization of $413.95 million, a P/E ratio of -1.22 and a beta of 2.41. The firm’s 50 day simple moving average is $7.74 and its two-hundred day simple moving average is $7.71.

Beyond Meat (NASDAQ:BYND) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($2.40) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($1.58). The business had revenue of $73.68 million for the quarter, compared to analyst estimates of $66.66 million. During the same quarter in the prior year, the company earned ($1.05) earnings per share. Beyond Meat’s quarterly revenue was down 7.8% on a year-over-year basis. On average, sell-side analysts anticipate that Beyond Meat will post -2.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beyond Meat

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Beyond Meat by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,709,781 shares of the company’s stock worth $80,907,000 after purchasing an additional 150,345 shares during the last quarter. Morgan Stanley increased its position in Beyond Meat by 46.1% in the third quarter. Morgan Stanley now owns 1,943,783 shares of the company’s stock worth $18,699,000 after purchasing an additional 613,491 shares during the last quarter. Geode Capital Management LLC increased its position in Beyond Meat by 2.1% in the second quarter. Geode Capital Management LLC now owns 1,191,135 shares of the company’s stock worth $15,461,000 after purchasing an additional 24,831 shares during the last quarter. Northern Trust Corp increased its position in Beyond Meat by 1.4% in the third quarter. Northern Trust Corp now owns 565,785 shares of the company’s stock worth $5,443,000 after purchasing an additional 7,835 shares during the last quarter. Finally, Norges Bank bought a new stake in Beyond Meat in the fourth quarter worth $6,875,000. Institutional investors own 52.48% of the company’s stock.

About Beyond Meat

Beyond Meat, Inc, a plant-based meat company, 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 stores, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.