BranchOut Food Inc. (NASDAQ:BOF) Sees Significant Increase in Short Interest

Key Points

• Short interest in BranchOut Food rose 48% to 71,122 shares as of September 15, representing about 0.6% of shares outstanding and a short-interest ratio of 5.4 days.
• The stock opened at $3.82, down 2.6%, with a market capitalization of approximately $62.1 million. The company reported quarterly revenue of $4.46 million and an adjusted earnings loss of $0.18 per share, beating analyst estimates.
• Analyst sentiment is mixed, with one Buy and one Sell rating, resulting in a consensus “Hold” rating and a $6.00 average price target; institutional investors and hedge funds own 2.59% of the stock.

BranchOut Food Inc. (NASDAQ:BOF - Get Free Report) saw a significant growth in short interest in September. As of September 15th, there was short interest totaling 71,122 shares, a growth of 48.0% from the August 31st total of 48,065 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 13,069 shares, the short-interest ratio is presently 5.4 days.

BranchOut Food Stock Down 2.6%

Shares of NASDAQ BOF opened at $3.82 on Thursday. The firm has a market cap of $62.11 million, a P/E ratio of -6.37 and a beta of 0.64. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.60 and a current ratio of 1.03. BranchOut Food has a 1 year low of $1.93 and a 1 year high of $5.25. The firm's 50 day moving average price is $3.95 and its 200 day moving average price is $3.89.

BranchOut Food (NASDAQ:BOF - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.02. BranchOut Food had a negative return on equity of 153.95% and a negative net margin of 56.77%.The company had revenue of $4.46 million during the quarter, compared to the consensus estimate of $4.00 million.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Lake Street Capital initiated coverage on BranchOut Food in a research report on Monday, August 3rd. They issued a "buy" rating and a $6.00 price objective on the stock. Wall Street Zen upgraded BranchOut Food from a "strong sell" rating to a "sell" rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of BranchOut Food in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, BranchOut Food has a consensus rating of "Hold" and an average price target of $6.00.

Hedge Funds Weigh In On BranchOut Food

Several institutional investors have recently added to or reduced their stakes in BOF. Renaissance Technologies LLC boosted its stake in BranchOut Food by 73.0% in the 1st quarter. Renaissance Technologies LLC now owns 80,427 shares of the company's stock worth $265,000 after buying an additional 33,927 shares during the last quarter. BlackRock Inc. acquired a new position in shares of BranchOut Food during the 2nd quarter valued at about $185,000. Corsair Capital Management L.P. purchased a new position in shares of BranchOut Food during the 1st quarter worth about $330,000. Sei Investments Co. purchased a new position in shares of BranchOut Food during the 1st quarter worth about $569,000. Finally, Bard Associates Inc. acquired a new stake in shares of BranchOut Food in the second quarter worth approximately $4,740,000. 2.59% of the stock is currently owned by institutional investors and hedge funds.

About BranchOut Food

BranchOut Food Inc is a food technology company focused on producing shelf-stable, plant-based snacks and ingredients from fruits and vegetables. The company uses proprietary dehydration technology designed to preserve the color, flavor, texture and nutritional characteristics of fresh produce while extending shelf life.

Its product offerings include dehydrated fruit and vegetable snacks, such as avocado, banana, pineapple, mango and other produce-based items, as well as ingredient products intended for use by food manufacturers.

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