Beyond Meat, Inc. (NASDAQ:BYND) Short Interest Down 96.1% in August

Key Points

• Beyond Meat’s short interest fell 96.1% to 5.1 million shares as of August 14, though 30.4% of shares remained sold short and the days-to-cover ratio stood at 2.3.
• Analyst sentiment remained negative: the stock held an average “Strong Sell” rating, with three Hold ratings and five Sell ratings, despite Barclays raising its price target to $10 from $0.50.
• BYND traded at $14.19, with a market capitalization of about $243.8 million. Institutional investors and hedge funds owned 52.48% of the company, while the stock remained well below its 52-week high of $230.70.

Beyond Meat, Inc. (NASDAQ:BYND - Get Free Report) was the recipient of a significant decrease in short interest in the month of August. As of August 14th, there was short interest totaling 5,121,711 shares, a decrease of 96.1% from the July 30th total of 130,476,904 shares. Currently, 30.4% of the shares of the company are sold short. Based on an average daily volume of 2,275,140 shares, the days-to-cover ratio is currently 2.3 days.

Analyst Upgrades and Downgrades

BYND has been the topic of a number of recent analyst reports. Zacks Research raised shares of Beyond Meat from a "strong sell" rating to a "hold" rating in a research report on Monday, June 1st. Weiss Ratings reiterated a "sell (d)" rating on shares of Beyond Meat in a research note on Wednesday, July 8th. Barclays reiterated an "underweight" rating and issued a $10.00 target price (up from $0.50) on shares of Beyond Meat in a report on Monday, August 17th. Finally, Wall Street Zen raised shares of Beyond Meat from a "strong sell" rating to a "sell" rating in a research report on Sunday, July 12th. Three research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Strong Sell" and an average price target of $23.50.

Institutional Trading of Beyond Meat

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Two Sigma Securities LLC lifted its stake in shares of Beyond Meat by 64.9% in the second quarter. Two Sigma Securities LLC now owns 51,002 shares of the company's stock valued at $38,000 after buying an additional 20,070 shares during the period. Van ECK Associates Corp bought a new position in Beyond Meat during the second quarter valued at about $106,000. Hsbc Holdings PLC raised its holdings in Beyond Meat by 1,879.0% in the 2nd quarter. Hsbc Holdings PLC now owns 661,842 shares of the company's stock valued at $511,000 after acquiring an additional 628,398 shares in the last quarter. PenderFund Capital Management Ltd. acquired a new position in Beyond Meat in the 2nd quarter valued at approximately $89,000. Finally, One68 Global Capital LLC bought a new stake in shares of Beyond Meat in the 2nd quarter worth approximately $60,000. 52.48% of the stock is currently owned by institutional investors and hedge funds.

Beyond Meat Stock Performance

NASDAQ BYND traded up $0.04 during trading on Tuesday, hitting $14.19. The company's stock had a trading volume of 762,990 shares, compared to its average volume of 1,569,269. Beyond Meat has a 52 week low of $10.71 and a 52 week high of $230.70. The company has a quick ratio of 2.07, a current ratio of 2.63 and a debt-to-equity ratio of 6.57. The firm has a market cap of $243.78 million, a P/E ratio of -0.26 and a beta of 2.78. The firm has a 50 day moving average price of $17.80 and a 200 day moving average price of $21.09.

Beyond Meat Company Profile

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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