BranchOut Food Inc. (NASDAQ:BOF) Short Interest Down 35.0% in August

Key Points

• BranchOut Food’s short interest fell 35% in August to 38,124 shares, representing approximately 0.3% of shares outstanding and a short-interest ratio of 1.4 days.
• Institutional ownership remains limited at 2.59%, although several investors increased positions, including Stifel Financial, which raised its stake by 276.6%, and State Street, which increased holdings by 82.7%.
• Analyst sentiment is mixed: Lake Street Capital initiated coverage with a Buy rating and a $6 price target, while other analysts maintained Sell ratings. Shares recently traded at $3.91, and the company reported quarterly revenue of $4.46 million and an adjusted loss of $0.18 per share.

BranchOut Food Inc. (NASDAQ:BOF - Get Free Report) saw a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 38,124 shares, a drop of 35.0% from the July 30th total of 58,687 shares. Based on an average trading volume of 26,942 shares, the short-interest ratio is currently 1.4 days. Approximately 0.3% of the company's stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nwam LLC bought a new stake in BranchOut Food in the 4th quarter worth approximately $39,000. Renaissance Technologies LLC bought a new stake in shares of BranchOut Food in the fourth quarter worth $148,000. Jane Street Group LLC purchased a new stake in BranchOut Food during the fourth quarter valued at $82,000. State Street Corp lifted its holdings in BranchOut Food by 82.7% in the fourth quarter. State Street Corp now owns 24,300 shares of the company's stock valued at $77,000 after acquiring an additional 11,000 shares during the period. Finally, Stifel Financial Corp boosted its position in BranchOut Food by 276.6% in the fourth quarter. Stifel Financial Corp now owns 386,000 shares of the company's stock worth $1,227,000 after purchasing an additional 283,500 shares during the last quarter. Institutional investors own 2.59% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Lake Street Capital assumed coverage on shares of BranchOut Food in a research note on Monday, August 3rd. They set a "buy" rating and a $6.00 price objective on the stock. Wall Street Zen upgraded shares of BranchOut Food from a "strong sell" rating to a "sell" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of BranchOut Food in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $6.00.

BranchOut Food Stock Down 1.8%

Shares of BranchOut Food stock traded down $0.07 on Tuesday, reaching $3.91. The company's stock had a trading volume of 11,563 shares, compared to its average volume of 73,360. BranchOut Food has a 52 week low of $1.93 and a 52 week high of $5.25. The firm's fifty day simple moving average is $4.19 and its two-hundred day simple moving average is $3.89. The company has a quick ratio of 0.60, a current ratio of 1.03 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $59.90 million, a price-to-earnings ratio of -6.52 and a beta of 0.65.

BranchOut Food (NASDAQ:BOF - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) EPS 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 for the quarter, compared to analysts' expectations of $4.00 million.

About BranchOut Food

BranchOut Food Inc develops, markets, sells, and distributes plant-based dehydrated fruit and vegetable snacks, and powders in the United States. The company offers dehydrated fruit and vegetable-based snacks, including avocado chips, chewy banana bites, pineapple chips, brussels sprout crisps, and bell pepper crisps; avocado, banana, and blueberry powders; and industrial ingredients, such as bulk avocado powder, dried avocado pieces, and other fruit powders/pieces. It also provides chocolate covered fruit items and private label products for retailers.

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