Beyond Meat (NASDAQ:BYND) Earns Underweight Rating from Analysts at JPMorgan Chase & Co.

Key Points

• Beyond Meat's stock has been reissued with an "underweight" rating by JPMorgan Chase & Co., following similar downgrades from Barclays and BMO Capital Markets.
• The current average rating for Beyond Meat shares is a "Strong Sell", with a target price set at $3.67, while its stock opened at $2.46.
• Recent quarterly earnings reported a loss of ($0.43) per share, which missed expectations, coupled with a year-over-year revenue decline of 19.5%.

Research analysts at JPMorgan Chase & Co. began coverage on shares of Beyond Meat (NASDAQ:BYND - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage set an "underweight" rating on the stock.

Other equities analysts have also issued research reports about the stock. Barclays cut their price objective on shares of Beyond Meat from $3.00 to $2.00 and set an "underweight" rating on the stock in a report on Thursday, May 8th. BMO Capital Markets cut their price objective on shares of Beyond Meat from $5.00 to $4.00 and set a "market perform" rating on the stock in a report on Thursday, August 14th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Strong Sell" and a consensus target price of $3.67.

Beyond Meat Stock Performance

Shares of NASDAQ:BYND traded up $0.1550 during midday trading on Wednesday, hitting $2.6050. 4,077,373 shares of the company's stock traded hands, compared to its average volume of 2,707,994. The company has a market cap of $199.67 million, a PE ratio of -1.20 and a beta of 2.22. The firm's fifty day moving average price is $3.25 and its two-hundred day moving average price is $3.15. Beyond Meat has a twelve month low of $2.22 and a twelve month high of $7.60.

Beyond Meat (NASDAQ:BYND - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.43) EPS for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.06). The business had revenue of $74.96 million for the quarter, compared to analysts' expectations of $85.71 million. During the same quarter in the prior year, the company earned ($0.53) EPS. Beyond Meat's quarterly revenue was down 19.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Beyond Meat will post -2.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Beyond Meat

A number of institutional investors have recently modified their holdings of the stock. Pitcairn Co. acquired a new stake in shares of Beyond Meat in the 2nd quarter valued at about $37,000. Corient Private Wealth LLC acquired a new stake in shares of Beyond Meat in the 2nd quarter valued at about $83,000. GMT Capital Corp acquired a new stake in shares of Beyond Meat in the 2nd quarter valued at about $5,046,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 purchasing an additional 6,020 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Beyond Meat by 22.5% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 52.48% of the company's stock.

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.