Beyond Meat (NASDAQ:BYND) Stock Price Down 6.3% – Should You Sell?

Shares of Beyond Meat, Inc. (NASDAQ:BYND) dropped 6.3% during trading on Thursday . The company traded as low as $1.19 and last traded at $1.19. Approximately 187,909,020 shares changed hands during mid-day trading, an increase of 278% from the average daily volume of 49,654,418 shares. The stock had previously closed at $1.27.

Wall Street Analysts Forecast Growth

BYND has been the topic of a number of research analyst reports. BTIG Research restated a “neutral” rating on shares of Beyond Meat in a research note on Friday, October 24th. Cowen restated a “sell” rating on shares of Beyond Meat in a research note on Tuesday, October 14th. Mizuho lowered their price target on shares of Beyond Meat from $2.00 to $1.50 and set an “underperform” rating for the company in a research report on Friday, October 24th. JPMorgan Chase & Co. assumed coverage on shares of Beyond Meat in a research report on Wednesday, August 20th. They set an “underweight” rating for the company. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Beyond Meat in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and a consensus price target of $2.08.

Beyond Meat Price Performance

The stock’s fifty day simple moving average is $2.20 and its 200-day simple moving average is $2.74. The firm has a market cap of $473.15 million, a PE ratio of -0.55 and a beta of 2.32.

Beyond Meat (NASDAQ:BYND) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.06). The business had revenue of $74.96 million for the quarter, compared to analyst estimates of $85.71 million. The company’s revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.53) earnings per share. Analysts expect that Beyond Meat, Inc. will post -2.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BYND. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Beyond Meat in the first quarter worth $48,000. Nisa Investment Advisors LLC raised its holdings in shares of Beyond Meat by 16,921.9% during the first quarter. Nisa Investment Advisors LLC now owns 124,260 shares of the company’s stock worth $379,000 after purchasing an additional 123,530 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Beyond Meat during the first quarter worth $43,000. CWM LLC raised its holdings in shares of Beyond Meat by 2,445.6% during the first quarter. CWM LLC now owns 19,703 shares of the company’s stock worth $60,000 after purchasing an additional 18,929 shares during the last quarter. Finally, Apollon Wealth Management LLC purchased a new position in shares of Beyond Meat during the first quarter worth $31,000. Hedge funds and other institutional investors own 52.48% of the company’s stock.

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.