BTIG Research Reaffirms "Neutral" Rating for Beyond Meat (NASDAQ:BYND)

Key Points

• BTIG Research has reissued a "neutral" rating for Beyond Meat, with the stock currently facing a consensus rating of "Strong Sell" from several research analysts.
• Beyond Meat's stock price has seen a significant downturn, with a recent drop of 36.1% and opening at $1.82, contrasting with a 52-week high of $7.13.
• The company's latest earnings report revealed a loss of ($0.43) per share, missing analysts' expectations, and a revenue decline of 19.5% year-over-year.

Beyond Meat (NASDAQ:BYND - Get Free Report)'s stock had its "neutral" rating reaffirmed by analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports.

Several other research analysts also recently weighed in on BYND. JPMorgan Chase & Co. started coverage on Beyond Meat in a research note on Wednesday, August 20th. They set an "underweight" rating for the company. BMO Capital Markets cut their target price on Beyond Meat from $5.00 to $4.00 and set a "market perform" rating for the company in a research note on Thursday, August 14th. Finally, Argus downgraded Beyond Meat from a "hold" rating to a "sell" rating in a research note on Monday, September 15th. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Strong Sell" and an average price target of $3.00.

Beyond Meat Price Performance

Shares of Beyond Meat stock opened at $1.88 on Tuesday. Beyond Meat has a 1 year low of $1.23 and a 1 year high of $6.83. The firm has a market cap of $143.87 million, a PE ratio of -0.88 and a beta of 2.22. The stock has a fifty day moving average price of $2.79 and a 200-day moving average price of $2.96.

Beyond Meat (NASDAQ:BYND - Get Free Report) last announced its 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 firm had revenue of $74.96 million during the quarter, compared to analysts' expectations of $85.71 million. Beyond Meat's revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.53) earnings per share. As a group, equities analysts anticipate that Beyond Meat will post -2.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. GMT Capital Corp purchased a new stake in Beyond Meat in the second quarter worth about $5,046,000. SG Americas Securities LLC increased its position in Beyond Meat by 5,060.0% in the first quarter. SG Americas Securities LLC now owns 1,187,011 shares of the company's stock worth $3,620,000 after buying an additional 1,164,007 shares in the last quarter. Vontobel Holding Ltd. increased its position in Beyond Meat by 35.0% in the first quarter. Vontobel Holding Ltd. now owns 1,758,904 shares of the company's stock worth $5,365,000 after buying an additional 455,963 shares in the last quarter. Geode Capital Management LLC increased its position in Beyond Meat by 15.7% in the second quarter. Geode Capital Management LLC now owns 1,843,998 shares of the company's stock worth $6,437,000 after buying an additional 250,628 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in Beyond Meat in the first quarter worth about $590,000. Hedge funds and other institutional investors own 52.48% of the company's stock.

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.