Beyond Meat (NASDAQ:BYND) Given New $1.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets cut its price target for Beyond Meat from $4.00 to $1.00 and maintained a "market perform" rating, with the $1 target implying roughly a 57% upside from the current share price.
• The analyst consensus is largely negative — two Holds and six Sells produce an average rating of Strong Sell and an average price target of $0.83.
• Shares trade around $0.64 after Beyond Meat missed quarterly EPS (loss of $0.29 vs. $0.12 est.) and revenue ($61.59M vs. $63M); analysts expect a -2.1 EPS for the year and the company’s market cap is about $289M.

Beyond Meat (NASDAQ:BYND - Get Free Report) had its price target reduced by investment analysts at BMO Capital Markets from $4.00 to $1.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. BMO Capital Markets' target price indicates a potential upside of 56.99% from the company's current price.

Several other equities research analysts have also commented on BYND. Barclays decreased their target price on shares of Beyond Meat from $1.00 to $0.50 and set an "underweight" rating on the stock in a research report on Thursday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Beyond Meat in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Strong Sell" and an average price target of $0.83.

Beyond Meat Price Performance

Shares of Beyond Meat stock traded up $0.04 during trading hours on Monday, hitting $0.64. The company had a trading volume of 5,903,428 shares, compared to its average volume of 37,131,258. The company's 50-day moving average is $0.74 and its two-hundred day moving average is $1.18. The company has a market cap of $288.99 million, a P/E ratio of -0.22 and a beta of 2.67. Beyond Meat has a twelve month low of $0.50 and a twelve month high of $7.69.

Beyond Meat (NASDAQ:BYND - Get Free Report) last announced its earnings results on Tuesday, March 31st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.17). The firm had revenue of $61.59 million for the quarter, compared to analyst estimates of $63.00 million. Sell-side analysts expect that Beyond Meat will post -2.1 EPS for the current year.

Institutional Trading of Beyond Meat

Several institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Beyond Meat by 22.5% during the second quarter. The Manufacturers Life Insurance Company now owns 28,047 shares of the company's stock valued at $98,000 after purchasing an additional 5,143 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Beyond Meat by 8.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,749 shares of the company's stock valued at $275,000 after acquiring an additional 6,020 shares during the period. Pitcairn Co. bought a new stake in Beyond Meat during the 2nd quarter valued at $37,000. Cerity Partners LLC raised its stake in shares of Beyond Meat by 76.2% during the second quarter. Cerity Partners LLC now owns 24,958 shares of the company's stock valued at $87,000 after purchasing an additional 10,792 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Beyond Meat by 66.4% during the second quarter. Cetera Investment Advisers now owns 27,378 shares of the company's stock valued at $96,000 after acquiring an additional 10,924 shares during the period. 52.48% of the stock is owned by institutional investors and hedge funds.

About Beyond Meat

Beyond Meat, Inc NASDAQ: BYND develops, manufactures and sells plant-based meat substitutes designed to replicate the taste, texture and appearance of animal-based proteins. Since its founding in 2009 by Ethan Brown and initial public offering in 2019, the company has focused on leveraging proprietary technology and ingredient blends to produce a suite of products that cater to both retail and foodservice channels. Beyond Meat's mission centers on offering more sustainable protein options by reducing reliance on livestock farming and its associated environmental footprint.

The company's product portfolio includes Beyond Burger, Beyond Sausage, Beyond Beef and Beyond Chicken, each formulated to appeal to a broad range of consumers seeking meat alternatives without compromising on flavor or cooking versatility.

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