BMO Capital Markets Issues Pessimistic Forecast for Beyond Meat (NASDAQ:BYND) Stock Price

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 target reduced by BMO Capital Markets from $5.00 to $4.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. BMO Capital Markets' target price suggests a potential upside of 60.32% from the company's previous close.

Separately, Barclays lowered their price target on Beyond Meat from $3.00 to $2.00 and set an "underweight" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Sell" and a consensus target price of $3.67.

Beyond Meat Stock Performance

BYND stock traded down $0.0350 during trading on Thursday, hitting $2.4950. 1,001,765 shares of the company traded hands, compared to its average volume of 2,710,194. The company has a 50-day moving average of $3.32 and a 200-day moving average of $3.19. The firm has a market capitalization of $191.24 million, a PE ratio of -1.14 and a beta of 2.22. Beyond Meat has a 1 year low of $2.22 and a 1 year high of $7.60.

Beyond Meat (NASDAQ:BYND - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $85.71 million. Beyond Meat's revenue was down 19.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.53) earnings per share. Sell-side analysts expect that Beyond Meat will post -2.1 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in Beyond Meat by 305.1% during the 4th quarter. Russell Investments Group Ltd. now owns 7,887 shares of the company's stock valued at $30,000 after buying an additional 5,940 shares in the last quarter. Apollon Wealth Management LLC bought a new position in Beyond Meat during the 1st quarter valued at approximately $31,000. Ameriprise Financial Inc. bought a new position in Beyond Meat during the 4th quarter valued at approximately $39,000. Pitcairn Co. bought a new position in Beyond Meat during the 2nd quarter valued at approximately $37,000. Finally, Bank of Montreal Can bought a new stake in shares of Beyond Meat in the 4th quarter worth $42,000. Institutional investors own 52.48% of the company's stock.

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.