BMO Capital Markets Cuts Beyond Meat (NASDAQ:BYND) Price Target to $1.00

Beyond Meat (NASDAQ:BYND) had its price objective trimmed by BMO Capital Markets from $4.00 to $1.00 in a research note published on Monday,Benzinga reports. The firm currently has a market perform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Barclays dropped their price objective on Beyond Meat from $1.00 to $0.50 and set an “underweight” rating for the company in a report on Thursday, April 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Beyond Meat in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Strong Sell” and an average target price of $0.83.

Beyond Meat Trading Up 3.8%

NASDAQ BYND opened at $0.60 on Monday. The stock has a 50-day simple moving average of $0.72 and a 200 day simple moving average of $1.15. The company has a market capitalization of $273.21 million, a PE ratio of -0.21 and a beta of 2.67. Beyond Meat has a 12 month low of $0.50 and a 12 month high of $7.69.

Beyond Meat (NASDAQ:BYND) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.17). The company had revenue of $61.59 million during the quarter, compared to analyst estimates of $63.00 million. As a group, sell-side analysts predict that Beyond Meat will post -2.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beyond Meat

Large investors have recently modified their holdings of the business. AQR Capital Management LLC acquired a new position in shares of Beyond Meat during the first quarter worth about $590,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Beyond Meat by 28.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,729 shares of the company’s stock worth $222,000 after buying an additional 16,044 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Beyond Meat during the second quarter worth about $70,000. Geode Capital Management LLC boosted its position in shares of Beyond Meat by 15.7% during the second quarter. Geode Capital Management LLC now owns 1,843,998 shares of the company’s stock worth $6,437,000 after buying an additional 250,628 shares during the period. Finally, Cetera Investment Advisers boosted its position in Beyond Meat by 66.4% during the second quarter. Cetera Investment Advisers now owns 27,378 shares of the company’s stock valued at $96,000 after purchasing an additional 10,924 shares during the last quarter. 52.48% of the stock is currently owned by institutional investors.

About Beyond Meat

Beyond Meat, Inc (NASDAQ: BYND) develops, manufactures and sells plant-based meat substitutes designed to replicate the taste, texture and appearance of animal-based proteins. Since its founding in 2009 by Ethan Brown and initial public offering in 2019, the company has focused on leveraging proprietary technology and ingredient blends to produce a suite of products that cater to both retail and foodservice channels. Beyond Meat’s mission centers on offering more sustainable protein options by reducing reliance on livestock farming and its associated environmental footprint.

The company’s product portfolio includes Beyond Burger, Beyond Sausage, Beyond Beef and Beyond Chicken, each formulated to appeal to a broad range of consumers seeking meat alternatives without compromising on flavor or cooking versatility.