Short Interest in Beyond Meat, Inc. (NASDAQ:BYND) Grows By 5.4%

Beyond Meat, Inc. (NASDAQ:BYND) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 22,900,000 shares, a growth of 5.4% from the March 31st total of 21,730,000 shares. Currently, 37.8% of the company’s shares are short sold. Based on an average daily volume of 3,440,000 shares, the short-interest ratio is currently 6.7 days.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BYND. TD Cowen dropped their price objective on Beyond Meat from $10.00 to $6.00 and set a “sell” rating for the company in a research note on Wednesday, April 17th. BMO Capital Markets lifted their target price on Beyond Meat from $7.00 to $10.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Argus upgraded shares of Beyond Meat from a “sell” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, Mizuho lowered their price objective on shares of Beyond Meat from $7.00 to $6.00 and set an “underperform” rating for the company in a research note on Monday, April 22nd. Five investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.83.

Hedge Funds Weigh In On Beyond Meat

Several hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Beyond Meat by 6.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 483,732 shares of the company’s stock valued at $4,654,000 after purchasing an additional 30,998 shares during the period. Arbor Capital Management Inc. ADV acquired a new stake in shares of Beyond Meat in the fourth quarter valued at approximately $752,000. Cowen AND Company LLC purchased a new position in shares of Beyond Meat during the fourth quarter worth approximately $623,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Beyond Meat by 63.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,222 shares of the company’s stock valued at $545,000 after acquiring an additional 23,770 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Beyond Meat by 5.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 58,921 shares of the company’s stock valued at $567,000 after acquiring an additional 3,143 shares during the period. Hedge funds and other institutional investors own 52.48% of the company’s stock.

Beyond Meat Price Performance

BYND opened at $6.79 on Thursday. The business has a fifty day moving average price of $7.64 and a 200 day moving average price of $7.58. Beyond Meat has a 12 month low of $5.58 and a 12 month high of $19.25.

Beyond Meat (NASDAQ:BYND) last posted its earnings results on Tuesday, February 27th. The company reported ($2.40) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($1.58). The company had revenue of $73.68 million during the quarter, compared to analysts’ expectations of $66.66 million. The firm’s revenue was down 7.8% compared to the same quarter last year. During the same period last year, the firm posted ($1.05) EPS. Research analysts anticipate that Beyond Meat will post -2.46 EPS for the current year.

About Beyond Meat

Beyond Meat, Inc, a plant-based meat company, develops, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells a range of plant-based meat products across the platforms of beef, pork, and poultry. It sells its products through grocery, mass merchandiser, club stores, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.