TD Cowen Issues Pessimistic Forecast for Beyond Meat (NASDAQ:BYND) Stock Price

Key Points

• TD Cowen has lowered Beyond Meat's target price from $2.00 to $0.80, indicating a potential downside of 22.33% from its current price and maintaining a "sell" rating on the stock.
• Shares of Beyond Meat are currently trading at around $1.03, which reflects a substantial 48.8% drop in stock price over the year.
• The company's latest quarterly earnings reveal a loss of ($0.43) EPS, missing analysts' expectations and showing a 19.5% decline in revenue compared to the previous year.

Beyond Meat (NASDAQ:BYND - Get Free Report) had its target price reduced by TD Cowen from $2.00 to $0.80 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "sell" rating on the stock. TD Cowen's target price would indicate a potential downside of 22.33% from the company's current price.

A number of other equities analysts also recently commented on BYND. BTIG Research reiterated a "neutral" rating on shares of Beyond Meat in a research report on Tuesday, September 30th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Beyond Meat in a report on Wednesday, October 8th. BMO Capital Markets lowered their price target on shares of Beyond Meat from $5.00 to $4.00 and set a "market perform" rating on the stock in a research report on Thursday, August 14th. Cowen reissued a "sell" rating on shares of Beyond Meat in a report on Tuesday. Finally, JPMorgan Chase & Co. started coverage on shares of Beyond Meat in a research note on Wednesday, August 20th. They issued an "underweight" rating for the company. Two equities research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Strong Sell" and a consensus price target of $2.27.

Beyond Meat Stock Down 48.8%

Shares of NASDAQ BYND opened at $1.03 on Tuesday. The firm has a 50-day simple moving average of $2.51 and a 200-day simple moving average of $2.87. The stock has a market capitalization of $79.05 million, a price-to-earnings ratio of -0.47 and a beta of 2.33. Beyond Meat has a 52 week low of $0.85 and a 52 week high of $6.81.

Beyond Meat (NASDAQ:BYND - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $85.71 million. The company's revenue was down 19.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.53) EPS. As a group, equities research analysts expect that Beyond Meat will post -2.1 EPS for the current year.

Institutional Trading of Beyond Meat

Several hedge funds have recently added to or reduced their stakes in BYND. Corient Private Wealth LLC acquired a new position in Beyond Meat during the 2nd quarter worth approximately $82,000. Pitcairn Co. acquired a new position in shares of Beyond Meat during the second quarter worth $37,000. GMT Capital Corp purchased a new position in Beyond Meat in the second quarter valued at $5,046,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Beyond Meat by 8.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,749 shares of the company's stock valued at $275,000 after buying an additional 6,020 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Beyond Meat by 22.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,047 shares of the company's stock worth $98,000 after buying an additional 5,143 shares during the last quarter. Institutional investors and hedge funds 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.

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