Beyond Meat (NASDAQ:BYND) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Beyond Meat (NASDAQ:BYND) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Beyond Meat Inc. is a food company. It manufactures, markets and sells plant-based meat products primarily in the United States and internationally. The company sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love and The Cookout Classic brand names. Beyond Meat Inc. is based in El Segundo, California. “

A number of other equities analysts have also recently weighed in on the company. William Blair initiated coverage on Beyond Meat in a report on Tuesday, May 28th. They issued a market perform rating for the company. Consumer Edge assumed coverage on Beyond Meat in a research note on Monday, May 20th. They set an equal weight rating and a $89.35 price objective for the company. Bank of America reiterated a neutral rating and set a $101.00 price objective (up from $85.00) on shares of Beyond Meat in a research note on Friday, June 7th. Jefferies Financial Group boosted their price objective on Beyond Meat from $85.00 to $105.00 and gave the stock a hold rating in a research note on Friday, June 7th. They noted that the move was a valuation call. Finally, Sanford C. Bernstein lowered Beyond Meat from an outperform rating to a market perform rating and set a $123.00 price objective for the company. in a research note on Wednesday, June 12th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating, The company presently has a consensus rating of Hold and a consensus price target of $132.67.

NASDAQ BYND traded up $1.07 during trading hours on Wednesday, reaching $177.11. The company’s stock had a trading volume of 5,800,621 shares, compared to its average volume of 7,010,253. Beyond Meat has a 1-year low of $45.00 and a 1-year high of $239.71. The company has a current ratio of 8.95, a quick ratio of 2.65 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $171.72.

Beyond Meat (NASDAQ:BYND) last released its quarterly earnings results on Thursday, June 6th. The company reported ($0.14) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.14). The business had revenue of $40.20 million during the quarter, compared to analyst estimates of $38.93 million. The firm’s revenue for the quarter was up 214.1% on a year-over-year basis. Equities analysts predict that Beyond Meat will post -0.22 EPS for the current fiscal year.

In other news, insider Dariush Ajami acquired 2,000 shares of the business’s stock in a transaction on Monday, May 6th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $50,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Raymond J. Lane acquired 29,442 shares of the business’s stock in a transaction on Monday, May 6th. The shares were purchased at an average price of $25.00 per share, with a total value of $736,050.00. The disclosure for this purchase can be found here.

A number of large investors have recently bought and sold shares of BYND. Ocean Capital Management LLC acquired a new stake in shares of Beyond Meat in the second quarter valued at $509,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Beyond Meat in the second quarter valued at $1,083,000. Sandy Spring Bank acquired a new stake in shares of Beyond Meat in the second quarter valued at $32,000. Advisor Group Inc. acquired a new stake in shares of Beyond Meat in the second quarter valued at $362,000. Finally, BNP Paribas Arbitrage SA acquired a new stake in shares of Beyond Meat in the second quarter valued at $603,000. Institutional investors own 0.14% of the company’s stock.

About Beyond Meat

Beyond Meat, Inc, a food company, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love, and The Cookout Classic brand names.

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