BranchOut Food Inc. (NASDAQ:BOF) Sees Significant Drop in Short Interest

BranchOut Food Inc. (NASDAQ:BOF) saw a significant 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. Currently, 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 29,118 shares, the short-interest ratio is presently 1.4 days.

Analyst Ratings Changes

BOF has been the topic of a number of research analyst reports. Lake Street Capital began coverage on BranchOut Food in a report on Monday, August 3rd. They set a “buy” rating and a $6.00 price target on the stock. Wall Street Zen upgraded BranchOut Food from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BranchOut Food in a research report on Monday, September 21st. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Bard Associates Inc. bought a new position in BranchOut Food during the second quarter worth about $4,740,000. Sei Investments Co. acquired a new position in shares of BranchOut Food in the 1st quarter worth approximately $569,000. Corsair Capital Management L.P. bought a new position in shares of BranchOut Food during the 1st quarter worth approximately $330,000. Renaissance Technologies LLC boosted its stake in BranchOut Food by 73.0% in the 1st quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock valued at $265,000 after buying an additional 33,927 shares in the last quarter. Finally, BlackRock Inc. acquired a new stake in BranchOut Food in the 2nd quarter valued at $185,000. Institutional investors and hedge funds own 2.59% of the company’s stock.

BranchOut Food Stock Performance

NASDAQ:BOF traded up $0.06 during mid-day trading on Thursday, hitting $2.32. 31,560 shares of the company’s stock traded hands, compared to its average volume of 68,768. The firm has a market capitalization of $37.71 million, a price-to-earnings ratio of -3.86 and a beta of 0.67. BranchOut Food has a 12 month low of $2.00 and a 12 month high of $5.25. The firm has a 50 day moving average of $3.82 and a two-hundred day moving average of $3.87. The company has a current ratio of 1.03, a quick ratio of 0.60 and a debt-to-equity ratio of 0.34.

BranchOut Food (NASDAQ:BOF) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.02. The company had revenue of $4.46 million for the quarter, compared to analyst estimates of $4.00 million. BranchOut Food had a negative return on equity of 153.95% and a negative net margin of 56.77%.

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.