BranchOut Food Inc. (NASDAQ:BOF) Shares Shorted: Short Interest Up 67.2% in October

BranchOut Food Inc. (NASDAQ:BOF) saw a significant increase in short interest in October. As of October 15th, there was short interest totaling 69,402 shares, an increase of 67.2% from the September 30th total of 41,508 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily volume of 82,912 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bard Associates Inc. acquired a new stake in shares of BranchOut Food during the second quarter worth $4,740,000. BlackRock Inc. acquired a new position in BranchOut Food in the 2nd quarter worth $185,000. Corsair Capital Management L.P. acquired a new position in BranchOut Food in the 1st quarter worth $330,000. Renaissance Technologies LLC boosted its stake in BranchOut Food by 73.0% in the 1st quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock worth $265,000 after purchasing an additional 33,927 shares during the period. Finally, Sei Investments Co. bought a new position in BranchOut Food during the 1st quarter worth about $569,000. Institutional investors and hedge funds own 2.59% of the company’s stock.

BranchOut Food Price Performance

Shares of BOF opened at $1.72 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.60 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $3.22 and a 200 day simple moving average of $3.65. BranchOut Food has a 52-week low of $1.59 and a 52-week high of $5.25.

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

Wall Street Analysts Forecast Growth

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

About BranchOut Food

BranchOut Food Inc is a food technology company that develops, manufactures and sells dehydrated fruit and vegetable products. Its portfolio includes shelf-stable snacks, fruit-based products and vegetable ingredients designed for use by consumers, retailers and food manufacturers.

The company uses proprietary dehydration technology intended to preserve the flavor, color, texture and nutritional characteristics of fresh produce while extending shelf life. BranchOut Food offers products under its own brand and works with business customers on private-label and ingredient applications.

BranchOut Food distributes its products through retail, foodservice, e-commerce and industrial channels.