Beyond Meat (NASDAQ:BYND) Stock Price Down 7.6%

Shares of Beyond Meat, Inc. (NASDAQ:BYND – Get Rating) dropped 7.6% on Friday . The company traded as low as $15.47 and last traded at $15.57. Approximately 1,995,666 shares changed hands during trading, a decline of 36% from the average daily volume of 3,100,281 shares. The stock had previously closed at $16.85.

Analyst Upgrades and Downgrades

BYND has been the subject of a number of recent analyst reports. Credit Suisse Group reissued an “underperform” rating and set a $10.00 price target on shares of Beyond Meat in a research report on Monday, February 27th. Sanford C. Bernstein raised their price target on shares of Beyond Meat from $10.00 to $18.00 and gave the stock a “market perform” rating in a research report on Friday, February 24th. Barclays downgraded shares of Beyond Meat from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $13.00 to $10.00 in a research report on Monday, November 28th. Argus downgraded shares of Beyond Meat from a “hold” rating to a “sell” rating in a research report on Friday, December 9th. Finally, Mizuho raised their price target on shares of Beyond Meat from $11.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, February 24th. Five analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.85.

Beyond Meat Price Performance

The stock has a market cap of $996.04 million, a price-to-earnings ratio of -2.70 and a beta of 2.02. The business’s fifty day simple moving average is $16.92 and its 200 day simple moving average is $15.76.

Beyond Meat (NASDAQ:BYND – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported ($1.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $0.08. Beyond Meat had a negative net margin of 87.40% and a negative return on equity of 400.17%. The company had revenue of $79.94 million during the quarter, compared to the consensus estimate of $75.80 million. During the same quarter in the previous year, the company posted ($1.27) earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. As a group, equities analysts forecast that Beyond Meat, Inc. will post -3.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Beyond Meat

Hedge funds and other institutional investors have recently modified their holdings of the company. MUFG Securities EMEA plc acquired a new position in shares of Beyond Meat during the first quarter valued at $75,000. Captrust Financial Advisors boosted its holdings in shares of Beyond Meat by 48.6% during the second quarter. Captrust Financial Advisors now owns 1,746 shares of the company’s stock valued at $42,000 after acquiring an additional 571 shares during the period. MetLife Investment Management LLC acquired a new position in shares of Beyond Meat during the first quarter valued at $164,000. Cresset Asset Management LLC boosted its holdings in shares of Beyond Meat by 20.4% during the first quarter. Cresset Asset Management LLC now owns 4,337 shares of the company’s stock valued at $210,000 after acquiring an additional 736 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Beyond Meat by 12.8% during the first quarter. Cetera Investment Advisers now owns 4,355 shares of the company’s stock valued at $210,000 after acquiring an additional 493 shares during the period. Institutional investors and hedge funds own 41.12% of the company’s stock.

About Beyond Meat

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Beyond Meat, Inc engages in the provision of plant-based meats. Its products include ready-to-cook meat under The Beyond Burger and Beyond Sausage brands, and frozen meat, namely, Beyond Chicken Strips and Beyond Beef Crumbles. The company was founded by Ethan Walden Brown and Brent Taylor in 2009 and is headquartered in El Segundo, CA.