Beyond Meat (NASDAQ:BYND) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Beyond Meat (NASDAQ:BYND) from a hold rating to a strong sell rating in a report published on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on the stock. Barclays decreased their price target on shares of Beyond Meat from $1.00 to $0.50 and set an “underweight” rating on the stock in a research note on Thursday, April 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Beyond Meat in a research note on Wednesday, January 21st. Finally, BMO Capital Markets decreased their price target on shares of Beyond Meat from $4.00 to $1.00 and set a “market perform” rating on the stock in a research note on Monday. Two equities research analysts have rated the stock with a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat, Beyond Meat currently has an average rating of “Strong Sell” and a consensus target price of $0.83.

Beyond Meat Stock Performance

BYND stock opened at $0.60 on Tuesday. The company’s 50-day simple moving average is $0.72 and its 200 day simple moving average is $1.15. Beyond Meat has a 52 week low of $0.50 and a 52 week high of $7.69. The company has a market capitalization of $273.21 million, a PE ratio of -0.21 and a beta of 2.67.

Beyond Meat (NASDAQ:BYND) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.17). The company had revenue of $61.59 million for the quarter, compared to analyst estimates of $63.00 million. On average, analysts forecast that Beyond Meat will post -2.1 EPS for the current year.

Institutional Investors Weigh In On Beyond Meat

Several institutional investors and hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in Beyond Meat by 22.5% during the second quarter. The Manufacturers Life Insurance Company now owns 28,047 shares of the company’s stock worth $98,000 after purchasing an additional 5,143 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Beyond Meat by 8.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,749 shares of the company’s stock worth $275,000 after purchasing an additional 6,020 shares during the period. Pitcairn Co. bought a new stake in Beyond Meat during the second quarter worth about $37,000. Cerity Partners LLC lifted its position in Beyond Meat by 76.2% during the second quarter. Cerity Partners LLC now owns 24,958 shares of the company’s stock worth $87,000 after purchasing an additional 10,792 shares during the period. Finally, Cetera Investment Advisers lifted its position in Beyond Meat by 66.4% during the second quarter. Cetera Investment Advisers now owns 27,378 shares of the company’s stock worth $96,000 after purchasing an additional 10,924 shares during the period. Institutional investors own 52.48% of the company’s stock.

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.