BMO Capital Markets Cuts Beyond Meat (NASDAQ:BYND) Price Target to $4.00

Key Points

• BMO Capital Markets has lowered its price target for Beyond Meat (NASDAQ:BYND) from $5.00 to $4.00, indicating a potential upside of 43.37% from the current stock price.
• Barclays has also reduced its price target for Beyond Meat from $3.00 to $2.00, assigning an "underweight" rating on the stock.
• Beyond Meat reported a revenue decline of 19.5% year-over-year, missing analyst expectations with earnings of ($0.43) per share for the last quarter.

Beyond Meat (NASDAQ:BYND - Get Free Report) had its price objective lowered by investment analysts at BMO Capital Markets from $5.00 to $4.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. BMO Capital Markets' target price indicates a potential upside of 55.04% from the stock's current price.

Separately, Barclays dropped their target price 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.

Beyond Meat Stock Performance

Shares of NASDAQ:BYND traded down $0.21 during trading on Thursday, reaching $2.58. 4,056,471 shares of the stock traded hands, compared to its average volume of 3,938,858. The stock has a 50-day moving average of $3.34 and a two-hundred day moving average of $3.20. Beyond Meat has a 52-week low of $2.22 and a 52-week high of $7.60. The stock has a market cap of $197.75 million, a P/E ratio of -1.18 and a beta of 2.22.

Beyond Meat (NASDAQ:BYND - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.06). The company had revenue of $74.96 million for the quarter, compared to the consensus estimate of $85.71 million. During the same quarter in the prior year, the company earned ($0.53) EPS. The company's revenue was down 19.5% compared to the same quarter last year. Sell-side analysts expect that Beyond Meat will post -2.1 earnings per share for the current year.

Hedge Funds Weigh In On Beyond Meat

A number of institutional investors and hedge funds have recently made changes to their positions in BYND. Russell Investments Group Ltd. lifted its stake in Beyond Meat by 305.1% in the fourth quarter. Russell Investments Group Ltd. now owns 7,887 shares of the company's stock worth $30,000 after purchasing an additional 5,940 shares during the last quarter. Apollon Wealth Management LLC bought a new stake in Beyond Meat in the first quarter worth about $31,000. Chiron Capital Management LLC bought a new stake in Beyond Meat in the first quarter worth about $38,000. Ameriprise Financial Inc. bought a new stake in Beyond Meat in the fourth quarter worth about $39,000. Finally, Rathbones Group PLC bought a new stake in Beyond Meat in the second quarter worth about $40,000. 52.48% of the stock is 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.