Beyond Meat, Inc. (NASDAQ:BYND) Short Interest Down 7.3% in August

Beyond Meat, Inc. (NASDAQ:BYND) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 23,720,000 shares, a decline of 7.3% from the August 15th total of 25,590,000 shares. Based on an average daily trading volume, of 2,980,000 shares, the days-to-cover ratio is currently 8.0 days. Currently, 39.0% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC raised its position in Beyond Meat by 93.3% during the second quarter. Susquehanna Fundamental Investments LLC now owns 210,612 shares of the company’s stock valued at $1,413,000 after buying an additional 101,652 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Beyond Meat by 17.3% in the second quarter. The Manufacturers Life Insurance Company now owns 26,469 shares of the company’s stock worth $178,000 after purchasing an additional 3,902 shares in the last quarter. Ensign Peak Advisors Inc boosted its holdings in shares of Beyond Meat by 7.8% during the second quarter. Ensign Peak Advisors Inc now owns 36,493 shares of the company’s stock worth $245,000 after purchasing an additional 2,650 shares during the period. Canada Pension Plan Investment Board purchased a new position in Beyond Meat during the second quarter valued at approximately $41,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Beyond Meat in the second quarter worth about $177,000. 52.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BYND. BMO Capital Markets reduced their price target on shares of Beyond Meat from $9.00 to $6.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Mizuho decreased their price target on Beyond Meat from $6.00 to $5.00 and set an “underperform” rating for the company in a research note on Monday, August 26th. Six research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $5.06.

Beyond Meat Price Performance

Shares of NASDAQ:BYND traded up $0.23 on Wednesday, reaching $6.53. 2,358,738 shares of the company traded hands, compared to its average volume of 3,059,267. The stock has a market capitalization of $423.70 million, a PE ratio of -1.26 and a beta of 2.25. The company’s 50 day moving average is $6.19 and its 200-day moving average is $6.92. Beyond Meat has a fifty-two week low of $5.13 and a fifty-two week high of $12.12.

Beyond Meat (NASDAQ:BYND) last announced its earnings results on Wednesday, August 7th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.02). The firm had revenue of $93.19 million during the quarter, compared to analyst estimates of $87.81 million. The firm’s revenue was down 8.8% compared to the same quarter last year. During the same period last year, the company posted ($0.83) earnings per share. As a group, analysts expect that Beyond Meat will post -2.12 EPS for the current year.

Beyond Meat Company Profile

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.