JPMorgan Chase & Co. Initiates Coverage on Beyond Meat (NASDAQ:BYND)

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 note issued to investors on Wednesday, Marketbeat.com reports. The firm set an "underweight" rating on the stock.

A number of other equities analysts also recently commented on the stock. Barclays lowered their target price on shares of Beyond Meat from $3.00 to $2.00 and set an "underweight" rating for the company in a research note on Thursday, May 8th. BMO Capital Markets reduced their price objective on shares of 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 equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Beyond Meat presently has a consensus rating of "Strong Sell" and a consensus price target of $3.67.

Beyond Meat Stock Performance

Shares of BYND traded up $0.06 during mid-day trading on Wednesday, hitting $2.45. 2,090,503 shares of the company's stock were exchanged, compared to its average volume of 2,327,704. The company has a market cap of $187.78 million, a price-to-earnings ratio of -1.12 and a beta of 2.22. Beyond Meat has a fifty-two week low of $2.22 and a fifty-two week high of $7.60. The stock's 50-day moving average is $3.25 and its 200-day moving average is $3.15.

Beyond Meat (NASDAQ:BYND - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.43) earnings per share for the quarter, missing analysts' consensus estimates 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 period in the prior year, the business earned ($0.53) EPS. The business's quarterly revenue was down 19.5% on a year-over-year basis. As a group, equities research analysts anticipate that Beyond Meat will post -2.1 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BYND. Pitcairn Co. purchased a new position in Beyond Meat in the 2nd quarter valued at $37,000. Corient Private Wealth LLC purchased a new position in Beyond Meat during the second quarter worth about $83,000. GMT Capital Corp acquired a new stake in Beyond Meat in the second quarter valued at about $5,046,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 purchasing an additional 6,020 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in 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. 52.48% of the stock is currently owned by hedge funds and other institutional investors.

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.