BranchOut Food Inc. (NASDAQ:BOF) Shares Shorted: Short Interest Down 41.6% in September

BranchOut Food Inc. (NASDAQ:BOF) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totaling 41,508 shares, a drop of 41.6% from the September 15th total of 71,122 shares. Based on an average daily volume of 29,118 shares, the short-interest ratio is currently 1.4 days. Approximately 0.3% of the company’s stock are short sold.

Hedge Funds Weigh In On BranchOut Food

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bard Associates Inc. purchased a new position in BranchOut Food during the 2nd quarter worth approximately $4,740,000. Sei Investments Co. acquired a new stake in BranchOut Food during the 1st quarter valued at approximately $569,000. Corsair Capital Management L.P. purchased a new stake in shares of BranchOut Food in the 1st quarter valued at $330,000. BlackRock Inc. purchased a new stake in shares of BranchOut Food in the 2nd quarter valued at $185,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of BranchOut Food by 73.0% in the 1st quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock valued at $265,000 after acquiring an additional 33,927 shares during the last quarter. 2.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BOF has been the topic of several research reports. Wall Street Zen raised shares of BranchOut Food from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 21st. Lake Street Capital started coverage on shares of BranchOut Food in a research note on Monday, August 3rd. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a report on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.00.

BranchOut Food Stock Down 0.5%

Shares of NASDAQ:BOF traded down $0.01 during trading on Friday, reaching $2.19. The stock had a trading volume of 42,639 shares, compared to its average volume of 62,329. The firm’s 50-day simple moving average is $3.74 and its 200 day simple moving average is $3.85. The company has a current ratio of 1.03, a quick ratio of 0.60 and a debt-to-equity ratio of 0.34. BranchOut Food has a one year low of $2.00 and a one year high of $5.25. The company has a market capitalization of $35.61 million, a P/E ratio of -3.65 and a beta of 0.67.

BranchOut Food (NASDAQ:BOF) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.02. BranchOut Food had a negative net margin of 56.77% and a negative return on equity of 153.95%. The firm had revenue of $4.46 million during the quarter, compared to analyst estimates of $4.00 million.

BranchOut Food Company Profile

BranchOut Food Inc is a food technology company focused on developing and commercializing shelf-stable, plant-based food products. The company uses proprietary drying and preservation technologies to process fruits and vegetables while aiming to retain their natural flavor, color, texture and nutritional qualities.

Its product portfolio includes dried fruit and vegetable snacks, avocado-based products, smoothie ingredients and other plant-based food ingredients. BranchOut serves consumer, foodservice and industrial customers through branded products, private-label offerings and ingredient sales.

The company’s products are marketed primarily in the United States, with opportunities to serve international food and beverage markets.