Beyond Meat (NASDAQ:BYND) Price Target Cut to $9.00 by Analysts at BMO Capital Markets

Beyond Meat (NASDAQ:BYND) had its target price dropped by equities research analysts at BMO Capital Markets from $10.00 to $9.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target points to a potential upside of 26.58% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group dropped their target price on Beyond Meat from $4.00 to $3.50 and set a “sell” rating for the company in a research report on Thursday. Mizuho reduced their price objective on Beyond Meat from $7.00 to $6.00 and set an “underperform” rating for the company in a research note on Monday, April 22nd. TD Cowen reduced their price objective on Beyond Meat from $10.00 to $6.00 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Finally, Argus raised Beyond Meat from a “sell” rating to a “hold” rating in a report on Thursday, February 29th. Six investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $5.36.

Beyond Meat Price Performance

Shares of NASDAQ:BYND traded down $1.10 during midday trading on Thursday, reaching $7.11. 2,098,223 shares of the company’s stock were exchanged, compared to its average volume of 3,143,447. The firm’s 50 day simple moving average is $7.64 and its two-hundred day simple moving average is $7.58. The stock has a market cap of $459.87 million, a price-to-earnings ratio of -1.37 and a beta of 2.42. Beyond Meat has a fifty-two week low of $5.58 and a fifty-two week high of $19.25.

Beyond Meat (NASDAQ:BYND) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.05). The company had revenue of $75.60 million during the quarter, compared to analysts’ expectations of $75.24 million. The company’s revenue was down 18.0% on a year-over-year basis. During the same period last year, the firm earned ($0.92) earnings per share. Equities research analysts predict that Beyond Meat will post -2.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beyond Meat

Several hedge funds have recently modified their holdings of the company. Banque Cantonale Vaudoise grew its holdings in shares of Beyond Meat by 117.4% in the 1st quarter. Banque Cantonale Vaudoise now owns 3,220 shares of the company’s stock worth $26,000 after acquiring an additional 1,739 shares during the last quarter. Clear Street Markets LLC acquired a new stake in shares of Beyond Meat in the third quarter worth about $31,000. Quest Partners LLC bought a new position in shares of Beyond Meat in the fourth quarter worth about $48,000. Scarborough Advisors LLC bought a new position in Beyond Meat during the fourth quarter valued at about $62,000. Finally, 1620 Investment Advisors Inc. bought a new position in Beyond Meat during the third quarter valued at about $84,000. 52.48% of the stock is currently owned by institutional investors and hedge funds.

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.