Beyond Meat (NASDAQ:BYND) Shares Gap Up - Time to Buy?

Key Points

• Beyond Meat's shares gapped up significantly, opening at $6.17 after closing the previous day at $3.62, with trading volume reaching nearly 749 million shares.
• Analyst ratings are predominantly negative, with the consensus rating labeled as a "Strong Sell" and a price target reduced to $2.27.
• In the latest quarter, Beyond Meat reported a loss of $0.43 EPS, missing estimates and marking a 19.5% revenue decline compared to the same quarter last year.

Beyond Meat, Inc. (NASDAQ:BYND - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $3.62, but opened at $6.17. Beyond Meat shares last traded at $6.84, with a volume of 748,804,589 shares trading hands.

Analyst Ratings Changes

A number of research analysts have commented on the company. Cowen reiterated a "sell" rating on shares of Beyond Meat in a research report on Tuesday, October 14th. Argus downgraded Beyond Meat from a "hold" rating to a "sell" rating in a research note on Monday, September 15th. TD Cowen cut their price target on Beyond Meat from $2.00 to $0.80 and set a "sell" rating on the stock in a research note on Tuesday, October 14th. Weiss Ratings reissued a "sell (e+)" rating on shares of Beyond Meat in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. assumed coverage on Beyond Meat in a research note on Wednesday, August 20th. They issued an "underweight" rating on the stock. Two analysts have rated the stock with a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Strong Sell" and a consensus target price of $2.27.

Beyond Meat Trading Up 14.4%

The firm has a market cap of $317.83 million, a price-to-earnings ratio of -1.90 and a beta of 2.33. The company has a 50 day moving average of $2.33 and a 200 day moving average of $2.80.

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 the consensus estimate of ($0.37) by ($0.06). The company had revenue of $74.96 million during the quarter, compared to analyst estimates of $85.71 million. The company's revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.53) earnings per share. Equities analysts forecast that Beyond Meat, Inc. will post -2.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Beyond Meat

Large investors have recently added to or reduced their stakes in the company. Apollon Wealth Management LLC bought a new position in Beyond Meat during the 1st quarter worth about $31,000. Pitcairn Co. bought a new position in Beyond Meat during the 2nd quarter worth about $37,000. Rathbones Group PLC bought a new position in Beyond Meat during the 2nd quarter worth about $40,000. Chiron Capital Management LLC bought a new position in shares of Beyond Meat in the 1st quarter valued at about $38,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of Beyond Meat in the 2nd quarter valued at about $45,000. Institutional investors 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.

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