BranchOut Food (NASDAQ:BOF) Releases Quarterly Earnings Results

BranchOut Food (NASDAQ:BOF) released its quarterly earnings data on Thursday. The company reported ($0.12) earnings per share (EPS) for the quarter, FiscalAI reports. BranchOut Food had a negative net margin of 53.27% and a negative return on equity of 147.57%. The company had revenue of $2.61 million for the quarter.

Here are the key takeaways from BranchOut Food’s conference call:

• Management said the company’s strategy is shifting toward diversifying customers and channels to fill capacity and improve factory utilization, with new opportunities in club, retail, industrial ingredients, tolling, and Europe.
• Sam’s Club is off to a strong start, with the new Crunchy Fruit Chips reportedly selling through faster than expected and running above the retailer’s threshold for a successful everyday item.
• Costco continues to provide repeat business, including a new Mango Chips rollout, continued pineapple reorders, and multiple multi-pack opportunities that could add several million dollars in sales.
• Management highlighted several additional growth drivers, including a new tolling arrangement, expected placements at Target, a new grocery broker network, and early traction in Europe and other specialty channels.
• The company said Q1 was a buildup quarter that increased inventory, while revenue is expected to be much stronger in Q2 and the full year outlook remains weighted to the second half; management also said liquidity appears sufficient through year-end unless a very large order materializes.

BranchOut Food Trading Down 11.6%

Shares of BOF traded down $0.45 during trading hours on Friday, reaching $3.43. 90,000 shares of the company traded hands, compared to its average volume of 89,496. The firm has a market cap of $50.01 million, a price-to-earnings ratio of -5.81 and a beta of 0.87. BranchOut Food has a 12-month low of $1.65 and a 12-month high of $4.95. The company has a current ratio of 0.91, a quick ratio of 0.53 and a debt-to-equity ratio of 0.18. The stock’s fifty day moving average price is $3.76 and its 200 day moving average price is $3.43.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BOF. Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a research report on Friday, March 27th. Wall Street Zen cut shares of BranchOut Food from a “hold” rating to a “sell” rating in a research report on Saturday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Insider Activity

In other news, major shareholder Daniel Louis Kaufman sold 213,830 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $3.26, for a total transaction of $697,085.80. Following the completion of the sale, the insider directly owned 1,689,676 shares of the company’s stock, valued at approximately $5,508,343.76. The trade was a 11.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of BranchOut Food

A number of large investors have recently made changes to their positions in BOF. Virtu Financial LLC purchased a new stake in shares of BranchOut Food during the fourth quarter valued at $35,000. Nwam LLC purchased a new stake in shares of BranchOut Food during the fourth quarter valued at $39,000. Crewe Advisors LLC purchased a new stake in shares of BranchOut Food during the fourth quarter valued at $41,000. Quadrature Capital Ltd purchased a new stake in shares of BranchOut Food during the fourth quarter valued at $59,000. Finally, State Street Corp boosted its stake in shares of BranchOut Food by 82.7% during the fourth quarter. State Street Corp now owns 24,300 shares of the company’s stock valued at $77,000 after purchasing an additional 11,000 shares during the period. 2.59% of the stock is owned by hedge funds and other institutional investors.

BranchOut Food Company Profile

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.