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

BranchOut Food Inc. (NASDAQ:BOF) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 69,402 shares, a growth of 67.2% from the September 30th total of 41,508 shares. Currently, 0.5% of the company’s shares are sold short. Based on an average daily trading volume, of 82,912 shares, the days-to-cover ratio is currently 0.8 days.

Institutional Trading of BranchOut Food

Several institutional investors have recently added to or reduced their stakes in BOF. BlackRock Inc. bought a new position in shares of BranchOut Food in the 2nd quarter worth about $185,000. Renaissance Technologies LLC grew its position in shares of BranchOut Food by 73.0% during 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 during the last quarter. Corsair Capital Management L.P. bought a new stake in shares of BranchOut Food during the 1st quarter valued at about $330,000. Sei Investments Co. acquired a new stake in BranchOut Food during the first quarter worth about $569,000. Finally, Bard Associates Inc. acquired a new stake in BranchOut Food during the second quarter worth about $4,740,000. Institutional investors own 2.59% of the company’s stock.

Wall Street Analysts Forecast Growth

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

BranchOut Food Stock Performance

NASDAQ:BOF opened at $1.72 on Monday. The company has a market cap of $27.97 million, a PE ratio of -2.87 and a beta of 0.95. The business’s 50 day moving average is $3.31 and its two-hundred day moving average is $3.66. The company has a quick ratio of 0.60, a current ratio of 1.03 and a debt-to-equity ratio of 0.34. BranchOut Food has a 52 week low of $1.67 and a 52 week high of $5.25.

BranchOut Food (NASDAQ:BOF) last issued 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 return on equity of 153.95% and a negative net margin of 56.77%. The business had revenue of $4.46 million during the quarter, compared to the consensus estimate of $4.00 million.

About BranchOut Food

BranchOut Food Inc is a food technology company that develops, manufactures and sells dehydrated fruit and vegetable products. Its portfolio includes shelf-stable snacks, fruit-based products and vegetable ingredients designed for use by consumers, retailers and food manufacturers.

The company uses proprietary dehydration technology intended to preserve the flavor, color, texture and nutritional characteristics of fresh produce while extending shelf life. BranchOut Food offers products under its own brand and works with business customers on private-label and ingredient applications.

BranchOut Food distributes its products through retail, foodservice, e-commerce and industrial channels.