BranchOut Food Inc. (NASDAQ:BOF) Shares Shorted: Short Interest Down 41.6% in September

BranchOut Food Inc. (NASDAQ:BOF) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 41,508 shares, a decline of 41.6% from the September 15th total of 71,122 shares. Based on an average daily trading volume, of 29,118 shares, the short-interest ratio is presently 1.4 days. Approximately 0.3% of the company’s stock are short sold.

Hedge Funds Weigh In On BranchOut Food

Institutional investors and hedge funds have recently made changes to their positions in the business. Bard Associates Inc. acquired a new stake in BranchOut Food in the second quarter worth $4,740,000. Sei Investments Co. purchased a new stake in shares of BranchOut Food in the first quarter valued at $569,000. Corsair Capital Management L.P. acquired a new stake in shares of BranchOut Food during the first quarter worth approximately $330,000. Renaissance Technologies LLC increased its position in BranchOut Food by 73.0% in the 1st quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock worth $265,000 after purchasing an additional 33,927 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in BranchOut Food in the second quarter valued at approximately $185,000. 2.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BOF shares. Wall Street Zen upgraded BranchOut Food from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of BranchOut Food in a research report on Monday, September 21st. Finally, Lake Street Capital started coverage on shares of BranchOut Food in a report on Monday, August 3rd. They issued a “buy” rating and a $6.00 price target for the company. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $6.00.

BranchOut Food Stock Up 2.7%

BOF stock traded up $0.06 during trading on Friday, hitting $2.26. 22,938 shares of the company’s stock were exchanged, compared to its average volume of 68,638. BranchOut Food has a 52-week low of $2.00 and a 52-week high of $5.25. The company has a current ratio of 1.03, a quick ratio of 0.60 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $36.75 million, a price-to-earnings ratio of -3.77 and a beta of 0.67. The business has a 50-day moving average price of $3.78 and a two-hundred day moving average price of $3.86.

BranchOut Food (NASDAQ:BOF) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.02. BranchOut Food had a negative net margin of 56.77% and a negative return on equity of 153.95%. 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 is a food technology company focused on developing and commercializing shelf-stable, plant-based food products. The company uses proprietary drying and preservation technologies to process fruits and vegetables while aiming to retain their natural flavor, color, texture and nutritional qualities.

Its product portfolio includes dried fruit and vegetable snacks, avocado-based products, smoothie ingredients and other plant-based food ingredients. BranchOut serves consumer, foodservice and industrial customers through branded products, private-label offerings and ingredient sales.

The company’s products are marketed primarily in the United States, with opportunities to serve international food and beverage markets.