Beyond Meat, Inc. (NASDAQ:BYND) Sees Large Drop in Short Interest

Beyond Meat, Inc. (NASDAQ:BYND) was the recipient of a large decrease in short interest in the month of August. As of August 14th, there was short interest totaling 5,121,711 shares, a decrease of 96.1% from the July 30th total of 130,476,904 shares. Based on an average daily trading volume, of 2,275,140 shares, the short-interest ratio is currently 2.3 days. Currently, 30.4% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Beyond Meat in a research report on Wednesday, July 8th. Wall Street Zen raised Beyond Meat from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Barclays reiterated an “underweight” rating and issued a $10.00 price objective (up from $0.50) on shares of Beyond Meat in a research note on Monday, August 17th. Finally, Zacks Research upgraded Beyond Meat from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Strong Sell” and an average target price of $23.50.

Beyond Meat Stock Down 1.1%

Shares of NASDAQ BYND opened at $14.03 on Wednesday. The company has a market capitalization of $241.06 million, a price-to-earnings ratio of -0.25 and a beta of 2.78. The company has a debt-to-equity ratio of 6.57, a current ratio of 2.63 and a quick ratio of 2.07. The business has a 50-day moving average of $17.80 and a two-hundred day moving average of $21.09. Beyond Meat has a 1 year low of $10.71 and a 1 year high of $230.70.

Institutional Investors Weigh In On Beyond Meat

Several hedge funds and other institutional investors have recently made changes to their positions in BYND. The Manufacturers Life Insurance Company boosted its position in Beyond Meat by 22.5% during the second quarter. The Manufacturers Life Insurance Company now owns 28,047 shares of the company’s stock worth $98,000 after purchasing an additional 5,143 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Beyond Meat by 8.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,749 shares of the company’s stock valued at $275,000 after buying an additional 6,020 shares in the last quarter. Pitcairn Co. purchased a new position in shares of Beyond Meat in the second quarter valued at $37,000. Cerity Partners LLC raised its stake in shares of Beyond Meat by 76.2% during the 2nd quarter. Cerity Partners LLC now owns 24,958 shares of the company’s stock worth $87,000 after buying an additional 10,792 shares during the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Beyond Meat by 66.4% in the 2nd quarter. Cetera Investment Advisers now owns 27,378 shares of the company’s stock worth $96,000 after buying an additional 10,924 shares in the last quarter. Institutional investors and hedge funds own 52.48% of the company’s stock.

About Beyond Meat

Beyond Meat, Inc (NASDAQ: BYND) develops, manufactures and sells plant-based meat substitutes designed to replicate the taste, texture and appearance of animal-based proteins. Since its founding in 2009 by Ethan Brown and initial public offering in 2019, the company has focused on leveraging proprietary technology and ingredient blends to produce a suite of products that cater to both retail and foodservice channels. Beyond Meat’s mission centers on offering more sustainable protein options by reducing reliance on livestock farming and its associated environmental footprint.

The company’s product portfolio includes Beyond Burger, Beyond Sausage, Beyond Beef and Beyond Chicken, each formulated to appeal to a broad range of consumers seeking meat alternatives without compromising on flavor or cooking versatility.