Beyond Meat (NASDAQ:BYND) fell 11.5% during trading on Thursday . The company traded as low as $137.11 and last traded at $144.20, 9,563,944 shares were traded during mid-day trading. An increase of 12% from the average session volume of 8,524,021 shares. The stock had previously closed at $162.90.
Several brokerages have recently weighed in on BYND. Credit Suisse Group lifted their target price on shares of Beyond Meat from $70.00 to $125.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Bank of America lifted their target price on shares of Beyond Meat from $170.00 to $182.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. William Blair began coverage on shares of Beyond Meat in a report on Tuesday, May 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. downgraded shares of Beyond Meat from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $120.00 to $121.00 in a report on Tuesday, June 11th. They noted that the move was a valuation call. Finally, Consumer Edge began coverage on shares of Beyond Meat in a report on Monday, May 20th. They issued an “equal weight” rating and a $89.35 target price on the stock. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Beyond Meat has a consensus rating of “Hold” and an average price target of $126.17.
The company’s fifty day moving average price is $174.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 7.90 and a current ratio of 8.95.
Beyond Meat (NASDAQ:BYND) last issued its earnings results on Monday, July 29th. The company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.09. The firm had revenue of $67.25 million during the quarter, compared to analysts’ expectations of $50.94 million. Analysts predict that Beyond Meat will post -0.23 earnings per share for the current fiscal year.
In related news, Director Diane Carhart sold 9,069 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $160.00, for a total transaction of $1,451,040.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Perkins Caufield & Bye Kleiner sold 723,862 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $154.00, for a total transaction of $111,474,748.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 821,957 shares of company stock worth $127,169,948.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. purchased a new stake in Beyond Meat during the second quarter worth about $169,339,000. Blackstone Group Inc purchased a new stake in Beyond Meat during the second quarter worth about $161,317,000. BlackRock Inc. purchased a new stake in Beyond Meat during the second quarter worth about $68,864,000. Jefferies Group LLC purchased a new stake in Beyond Meat during the second quarter worth about $24,102,000. Finally, Morgan Stanley purchased a new stake in Beyond Meat during the second quarter worth about $11,722,000. 0.30% of the stock is currently owned by hedge funds and other institutional investors.
Beyond Meat Company Profile (NASDAQ:BYND)
Beyond Meat, Inc, a food company, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love, and The Cookout Classic brand names.
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