Barclays Cuts Beyond Meat (NASDAQ:BYND) Price Target to $3.00

Beyond Meat (NASDAQ:BYND) had its target price lowered by stock analysts at Barclays from $4.00 to $3.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s price target would suggest a potential downside of 12.87% from the company’s previous close.

Beyond Meat Stock Down 3.3 %

Shares of BYND stock opened at $3.44 on Thursday. The company’s fifty day simple moving average is $3.87 and its two-hundred day simple moving average is $5.14. Beyond Meat has a 52 week low of $3.30 and a 52 week high of $12.12. The stock has a market cap of $224.49 million, a P/E ratio of -0.82 and a beta of 2.31.

Beyond Meat (NASDAQ:BYND) last posted its earnings results on Wednesday, February 26th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.21). The company had revenue of $76.66 million during the quarter, compared to the consensus estimate of $76.08 million. On average, analysts anticipate that Beyond Meat will post -2.1 EPS for the current fiscal year.

Insider Activity at Beyond Meat

In related news, insider Ethan Brown sold 313,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $3.75, for a total transaction of $1,173,750.00. Following the sale, the insider now owns 1,703,288 shares of the company’s stock, valued at $6,387,330. This represents a 15.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beyond Meat

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its holdings in shares of Beyond Meat by 305.1% in the 4th quarter. Russell Investments Group Ltd. now owns 7,887 shares of the company’s stock valued at $30,000 after acquiring an additional 5,940 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Beyond Meat in the 4th quarter worth approximately $37,000. Ameriprise Financial Inc. bought a new position in shares of Beyond Meat during the 4th quarter valued at approximately $39,000. Ballentine Partners LLC purchased a new stake in Beyond Meat during the 4th quarter valued at $39,000. Finally, Van ECK Associates Corp lifted its position in Beyond Meat by 68.8% in the fourth quarter. Van ECK Associates Corp now owns 10,498 shares of the company’s stock worth $39,000 after buying an additional 4,280 shares during the last quarter. 52.48% of the stock is owned by hedge funds and other institutional investors.

About Beyond Meat

Beyond Meat, Inc, a plant-based meat company, develops, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells a range of plant-based meat products across the platforms of beef, pork, and poultry. It sells its products through grocery, mass merchandiser, club stores, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.