Traders Buy Large Volume of Put Options on Beyond Meat (NASDAQ:BYND)

Key Points

• Traders have shown significant interest in Beyond Meat, acquiring 57,070 put options, which is an increase of 184% compared to the average volume.
• The company's stock price has risen by 18.3%, hitting $2.24, with a trading volume significantly higher than its average.
• Beyond Meat reported an earnings miss with a loss of ($0.43) per share, and revenues of $74.96 million, which is down 19.5% year-over-year.

Beyond Meat, Inc. (NASDAQ:BYND - Get Free Report) was the target of some unusual options trading activity on Wednesday. Stock investors acquired 57,070 put options on the company. This represents an increase of 184% compared to the average volume of 20,072 put options.

Hedge Funds Weigh In On Beyond Meat

A number of large investors have recently made changes to their positions in the business. Apollon Wealth Management LLC bought a new stake in shares of Beyond Meat in the 1st quarter valued at approximately $31,000. Ameriprise Financial Inc. bought a new stake in Beyond Meat during the fourth quarter worth approximately $39,000. Pitcairn Co. bought a new stake in Beyond Meat during the second quarter worth approximately $37,000. Rathbones Group PLC bought a new stake in Beyond Meat during the second quarter worth approximately $40,000. Finally, Chiron Capital Management LLC bought a new stake in Beyond Meat during the first quarter worth approximately $38,000. Institutional investors and hedge funds own 52.48% of the company's stock.

Beyond Meat Stock Up 18.3%

Shares of Beyond Meat stock traded up $0.35 during midday trading on Wednesday, hitting $2.24. The company's stock had a trading volume of 11,685,288 shares, compared to its average volume of 3,067,285. The firm has a market capitalization of $171.30 million, a P/E ratio of -1.02 and a beta of 2.22. The stock has a 50-day simple moving average of $2.75 and a 200-day simple moving average of $2.96. Beyond Meat has a 1-year low of $1.23 and a 1-year high of $6.83.

Beyond Meat (NASDAQ:BYND - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.43) earnings per share for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.06). The firm had revenue of $74.96 million during the quarter, compared to the consensus estimate of $85.71 million. Beyond Meat's revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.53) EPS. As a group, sell-side analysts predict that Beyond Meat will post -2.1 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on BYND. BMO Capital Markets cut their price objective on shares of Beyond Meat from $5.00 to $4.00 and set a "market perform" rating on the stock in a research note on Thursday, August 14th. JPMorgan Chase & Co. started coverage on shares of Beyond Meat in a research report on Wednesday, August 20th. They issued an "underweight" rating on the stock. Argus cut shares of Beyond Meat from a "hold" rating to a "sell" rating in a research report on Monday, September 15th. Finally, BTIG Research reiterated a "neutral" rating on shares of Beyond Meat in a research report on Tuesday. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Strong Sell" and an average price target of $3.00.

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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