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

BranchOut Food Inc. (NASDAQ:BOF) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 71,122 shares, an increase of 48.0% from the August 31st total of 48,065 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 13,069 shares, the short-interest ratio is currently 5.4 days.

BranchOut Food Stock Down 2.6%

BOF opened at $3.82 on Thursday. The firm has a 50 day moving average price of $3.95 and a 200 day moving average price of $3.89. The company has a market cap of $62.11 million, a PE ratio of -6.37 and a beta of 0.64. BranchOut Food has a 1 year low of $1.93 and a 1 year high of $5.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.60 and a current ratio of 1.03.

BranchOut Food (NASDAQ:BOF) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.46 million for the quarter, compared to analysts’ expectations of $4.00 million.

Analyst Ratings Changes

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

Hedge Funds Weigh In On BranchOut Food

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in BranchOut Food during the 2nd quarter worth $185,000. Renaissance Technologies LLC lifted its stake in shares of BranchOut Food by 73.0% during the first quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock worth $265,000 after purchasing an additional 33,927 shares in the last quarter. Corsair Capital Management L.P. acquired a new position in shares of BranchOut Food during the first quarter worth about $330,000. Sei Investments Co. purchased a new stake in shares of BranchOut Food in the first quarter worth about $569,000. Finally, Bard Associates Inc. purchased a new stake in shares of BranchOut Food in the second quarter worth about $4,740,000. Institutional investors and hedge funds own 2.59% of the company’s stock.

About BranchOut Food

BranchOut Food Inc is a food technology company focused on producing shelf-stable, plant-based snacks and ingredients from fruits and vegetables. The company uses proprietary dehydration technology designed to preserve the color, flavor, texture and nutritional characteristics of fresh produce while extending shelf life.

Its product offerings include dehydrated fruit and vegetable snacks, such as avocado, banana, pineapple, mango and other produce-based items, as well as ingredient products intended for use by food manufacturers.