BranchOut Food (NASDAQ:BOF) Coverage Initiated at Lake Street Capital

Analysts at Lake Street Capital started coverage on shares of BranchOut Food (NASDAQ:BOF) in a note issued to investors on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $6.00 price target on the stock. Lake Street Capital’s target price would suggest a potential upside of 53.45% from the company’s previous close.

Several other brokerages have also commented on BOF. Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of BranchOut Food from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.00.

BranchOut Food Price Performance

Shares of BOF stock opened at $3.91 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.87 and a quick ratio of 0.42. The company has a market capitalization of $59.89 million, a P/E ratio of -6.63 and a beta of 0.58. The company’s 50-day simple moving average is $4.02 and its two-hundred day simple moving average is $3.74. BranchOut Food has a one year low of $1.93 and a one year high of $5.25.

BranchOut Food (NASDAQ:BOF) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter. The company had revenue of $2.61 million for the quarter. BranchOut Food had a negative net margin of 53.27% and a negative return on equity of 138.86%.

Insider Buying and Selling

In other news, major shareholder Daniel Louis Kaufman sold 213,830 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $3.26, for a total transaction of $697,085.80. Following the sale, the insider owned 1,689,676 shares in the company, valued at approximately $5,508,343.76. The trade was a 11.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On BranchOut Food

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in BranchOut Food during the 4th quarter valued at about $35,000. Nwam LLC purchased a new position in BranchOut Food during the 4th quarter worth approximately $39,000. Quadrature Capital Ltd purchased a new stake in shares of BranchOut Food in the 4th quarter valued at $59,000. State Street Corp increased its stake in shares of BranchOut Food by 82.7% in the fourth quarter. State Street Corp now owns 24,300 shares of the company’s stock worth $77,000 after acquiring an additional 11,000 shares during the period. Finally, Jane Street Group LLC acquired a new position in BranchOut Food during the fourth quarter valued at $82,000. 2.59% of the stock is owned by institutional investors and hedge funds.

BranchOut Food Company Profile

BranchOut Food Inc develops, markets, sells, and distributes plant-based dehydrated fruit and vegetable snacks, and powders in the United States. The company offers dehydrated fruit and vegetable-based snacks, including avocado chips, chewy banana bites, pineapple chips, brussels sprout crisps, and bell pepper crisps; avocado, banana, and blueberry powders; and industrial ingredients, such as bulk avocado powder, dried avocado pieces, and other fruit powders/pieces. It also provides chocolate covered fruit items and private label products for retailers.