Beyond Meat (NASDAQ:BYND) Trading Up 10.3% - What's Next?

Key Points

• Beyond Meat shares rose 10.3% in midday trading to approximately $13.46, although trading volume was 28% below the average session volume.
• Analyst sentiment remains broadly negative: three analysts rate the stock Hold and six rate it Sell, producing a consensus rating of “Strong Sell” despite a $24.75 average price target.
• Institutional investors and hedge funds own 52.48% of the company, with several firms increasing their positions during the second quarter.

Beyond Meat, Inc. (NASDAQ:BYND - Get Free Report)'s share price traded up 10.3% during mid-day trading on Friday . The stock traded as high as $13.30 and last traded at $13.4620. 1,102,194 shares were traded during mid-day trading, a decline of 28% from the average session volume of 1,528,246 shares. The stock had previously closed at $12.21.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings reissued a "sell (d)" rating on shares of Beyond Meat in a report on Wednesday, July 8th. Wall Street Zen raised Beyond Meat from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Finally, Zacks Research raised Beyond Meat from a "strong sell" rating to a "hold" rating in a research note on Monday, June 1st. Three equities research analysts have rated the stock with a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, Beyond Meat currently has an average rating of "Strong Sell" and a consensus price target of $24.75.

Beyond Meat Price Performance

The company has a fifty day simple moving average of $0.63 and a 200-day simple moving average of $0.72. The company has a market cap of $7.08 billion, a P/E ratio of -7.45 and a beta of 2.78. The company has a debt-to-equity ratio of 6.57, a current ratio of 2.63 and a quick ratio of 2.07.

Hedge Funds Weigh In On Beyond Meat

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its holdings in Beyond Meat by 22.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,047 shares of the company's stock worth $98,000 after buying an additional 5,143 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Beyond Meat by 8.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,749 shares of the company's stock worth $275,000 after buying an additional 6,020 shares during the period. Pitcairn Co. purchased a new position in shares of Beyond Meat in the second quarter worth approximately $37,000. Cerity Partners LLC increased its position in shares of Beyond Meat by 76.2% in the second quarter. Cerity Partners LLC now owns 24,958 shares of the company's stock worth $87,000 after acquiring an additional 10,792 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings 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. Institutional investors and hedge funds own 52.48% of the company's stock.

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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