Beyond Meat (NASDAQ:BYND) Shares Gap Down After Analyst Downgrade

Beyond Meat, Inc. (NASDAQ:BYND) gapped down before the market opened on Monday after Mizuho lowered their price target on the stock from $2.00 to $1.50. The stock had previously closed at $2.18, but opened at $2.00. Mizuho currently has an underperform rating on the stock. Beyond Meat shares last traded at $2.01, with a volume of 139,039,649 shares traded.

Several other research firms also recently issued reports on BYND. BTIG Research restated a “neutral” rating on shares of Beyond Meat in a report on Tuesday, September 30th. BMO Capital Markets dropped their price target on shares of Beyond Meat from $5.00 to $4.00 and set a “market perform” rating for the company in a research note on Thursday, August 14th. Argus lowered shares of Beyond Meat from a “hold” rating to a “sell” rating in a research note on Monday, September 15th. TD Cowen dropped their target price on shares of Beyond Meat from $2.00 to $0.80 and set a “sell” rating for the company in a research report on Tuesday, October 14th. Finally, Cowen reissued a “sell” rating on shares of Beyond Meat in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat, Beyond Meat currently has an average rating of “Strong Sell” and an average price target of $2.08.

Institutional Trading of Beyond Meat

Institutional investors have recently added to or reduced their stakes in the business. Apollon Wealth Management LLC bought a new stake in Beyond Meat during the first quarter valued at $31,000. Pitcairn Co. bought a new stake in shares of Beyond Meat during the 2nd quarter valued at about $37,000. Rathbones Group PLC bought a new stake in shares of Beyond Meat during the 2nd quarter valued at about $40,000. Chiron Capital Management LLC bought a new stake in shares of Beyond Meat during the 1st quarter valued at about $38,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of Beyond Meat during the second quarter valued at approximately $45,000. Institutional investors own 52.48% of the company’s stock.

Beyond Meat Price Performance

The company has a market capitalization of $719.67 million, a P/E ratio of -0.83 and a beta of 2.33. The company has a fifty day moving average price of $2.32 and a 200 day moving average price of $2.80.

Beyond Meat (NASDAQ:BYND) last posted its earnings results on Wednesday, August 6th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.06). The firm had revenue of $74.96 million during the quarter, compared to the consensus estimate of $85.71 million. The company’s revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.53) earnings per share. On average, equities research analysts predict that Beyond Meat, Inc. will post -2.1 earnings per share for the current fiscal year.

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.