Short Interest in BranchOut Food Inc. (NASDAQ:BOF) Declines By 62.3%

BranchOut Food Inc. (NASDAQ:BOF) was the target of a significant drop in short interest during the month of April. As of April 30th, there was short interest totaling 30,191 shares, a drop of 62.3% from the April 15th total of 79,999 shares. Based on an average daily volume of 57,425 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.3% of the company’s shares are short sold.

Analysts Set New Price Targets

Several research firms have recently weighed in on BOF. Wall Street Zen downgraded BranchOut Food from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a research note on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

BranchOut Food Stock Down 11.6%

Shares of BranchOut Food stock traded down $0.45 during trading on Friday, hitting $3.43. 90,000 shares of the stock traded hands, compared to its average volume of 89,496. The firm has a market cap of $50.01 million, a P/E ratio of -5.81 and a beta of 0.87. The company has a current ratio of 0.91, a quick ratio of 0.53 and a debt-to-equity ratio of 0.18. BranchOut Food has a 52-week low of $1.65 and a 52-week high of $4.95. The stock’s fifty day simple moving average is $3.76 and its 200 day simple moving average is $3.43.

BranchOut Food (NASDAQ:BOF) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter. The firm 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 147.57%.

Insider Buying and Selling at BranchOut Food

In other news, major shareholder Daniel Louis Kaufman sold 213,830 shares of BranchOut Food stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.26, for a total transaction of $697,085.80. Following the completion of the sale, the insider directly owned 1,689,676 shares in the company, valued at approximately $5,508,343.76. This trade represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On BranchOut Food

Several institutional investors have recently made changes to their positions in BOF. Corsair Capital Management L.P. purchased a new position in BranchOut Food in the first quarter valued at about $330,000. Renaissance Technologies LLC grew its stake in BranchOut Food by 73.0% in the first quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock valued at $265,000 after purchasing an additional 33,927 shares during the last quarter. Sei Investments Co. purchased a new position in BranchOut Food in the first quarter valued at about $569,000. Virtu Financial LLC purchased a new position in BranchOut Food in the fourth quarter valued at about $35,000. Finally, Quadrature Capital Ltd purchased a new position in BranchOut Food in the fourth quarter valued at about $59,000. Hedge funds and other institutional investors own 2.59% of the company’s stock.

About BranchOut Food

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.