Beyond Meat (NASDAQ:BYND) Downgraded to Sell Rating by Argus

Key Points

• Beyond Meat's stock was downgraded from "hold" to "sell" by Argus, with a consensus rating now at "Strong Sell" and an average price target of $3.00.
• The company reported a quarterly loss of ($0.43) per share, missing estimates and seeing a 19.5% decline in year-over-year revenue.
• Shares of Beyond Meat opened at $2.68, with a yearly low of $2.22 and high of $7.60, and currently has a market cap of $205.42 million.

Beyond Meat (NASDAQ:BYND - Get Free Report) was downgraded by stock analysts at Argus from a "hold" rating to a "sell" rating in a research note issued on Monday, MarketBeat.com reports.

Several other research analysts have also recently commented on BYND. JPMorgan Chase & Co. assumed coverage on Beyond Meat in a research report on Wednesday, August 20th. They issued an "underweight" rating for the company. BMO Capital Markets decreased their target price on Beyond Meat from $5.00 to $4.00 and set a "market perform" rating for the company in a research report on Thursday, August 14th. One research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Strong Sell" and an average price target of $3.00.

Beyond Meat Stock Up 0.9%

Shares of NASDAQ BYND traded up $0.03 during trading on Monday, reaching $2.80. 1,056,689 shares of the stock were exchanged, compared to its average volume of 2,643,812. The business's 50-day moving average price is $2.91 and its 200 day moving average price is $2.99. Beyond Meat has a twelve month low of $2.22 and a twelve month high of $7.60. The company has a market capitalization of $214.23 million, a price-to-earnings ratio of -1.28 and a beta of 2.22.

Beyond Meat (NASDAQ:BYND - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.06). The company had revenue of $74.96 million for the quarter, compared to analysts' expectations of $85.71 million. During the same quarter in the previous year, the company earned ($0.53) earnings per share. Beyond Meat's quarterly revenue was down 19.5% compared to the same quarter last year. As a group, sell-side analysts expect that Beyond Meat will post -2.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beyond Meat

A number of hedge funds and other institutional investors have recently modified their holdings of BYND. Apollon Wealth Management LLC purchased a new stake in shares of Beyond Meat in the 1st quarter worth approximately $31,000. Pitcairn Co. purchased a new position in Beyond Meat during the second quarter valued at $37,000. Chiron Capital Management LLC bought a new stake in Beyond Meat during the first quarter valued at about $38,000. Ameriprise Financial Inc. bought a new stake in Beyond Meat during the fourth quarter valued at about $39,000. Finally, Rathbones Group PLC bought a new stake in shares of Beyond Meat in the second quarter worth about $40,000. 52.48% of the stock is currently owned by hedge funds and other institutional investors.

Beyond Meat Company Profile

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.