BranchOut Food Inc. (NASDAQ:BOF) Shares Shorted: Short Interest Down 41.6% in September

BranchOut Food Inc. (NASDAQ:BOF) was the recipient of a significant drop in short interest during the month of September. As of September 30th, there was short interest totaling 41,508 shares, a drop of 41.6% from the September 15th total of 71,122 shares. Based on an average daily volume of 29,118 shares, the days-to-cover ratio is currently 1.4 days. Approximately 0.3% of the shares of the stock are sold short.

BranchOut Food Stock Performance

Shares of BOF stock traded up $0.06 during trading hours on Thursday, hitting $2.32. The stock had a trading volume of 31,560 shares, compared to its average volume of 68,768. BranchOut Food has a twelve month low of $2.00 and a twelve month high of $5.25. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.03 and a quick ratio of 0.60. The firm has a market capitalization of $37.71 million, a PE ratio of -3.86 and a beta of 0.67. The stock’s 50 day moving average is $3.82 and its 200 day moving average is $3.87.

BranchOut Food (NASDAQ:BOF) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.02. The business had revenue of $4.46 million during the quarter, compared to analysts’ expectations of $4.00 million. BranchOut Food had a negative return on equity of 153.95% and a negative net margin of 56.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of BranchOut Food from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a research report on Monday, September 21st. Finally, Lake Street Capital began coverage on BranchOut Food in a research note on Monday, August 3rd. They issued a “buy” rating and a $6.00 price target on the stock. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BOF. Bard Associates Inc. acquired a new stake in BranchOut Food during the 2nd quarter valued at approximately $4,740,000. Sei Investments Co. acquired a new position in shares of BranchOut Food in the 1st quarter valued at about $569,000. Corsair Capital Management L.P. bought a new stake in shares of BranchOut Food during the 1st quarter valued at about $330,000. Renaissance Technologies LLC raised its stake in 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 acquiring an additional 33,927 shares during the period. Finally, BlackRock Inc. bought a new position in BranchOut Food in the second quarter worth about $185,000. 2.59% of the stock is currently owned by institutional investors and hedge funds.

About BranchOut Food

BranchOut Food Inc is a food technology company focused on developing and commercializing shelf-stable, plant-based food products. The company uses proprietary drying and preservation technologies to process fruits and vegetables while aiming to retain their natural flavor, color, texture and nutritional qualities.

Its product portfolio includes dried fruit and vegetable snacks, avocado-based products, smoothie ingredients and other plant-based food ingredients. BranchOut serves consumer, foodservice and industrial customers through branded products, private-label offerings and ingredient sales.

The company’s products are marketed primarily in the United States, with opportunities to serve international food and beverage markets.