TD Cowen Cuts Beyond Meat (NASDAQ:BYND) Price Target to $6.00

Beyond Meat (NASDAQ:BYND) had its price objective lowered by investment analysts at TD Cowen from $10.00 to $6.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “sell” rating on the stock. TD Cowen’s target price indicates a potential downside of 5.96% from the company’s current price.

Several other brokerages have also commented on BYND. Mizuho boosted their price target on Beyond Meat from $5.00 to $7.00 and gave the stock an “underperform” rating in a research note on Thursday, February 29th. BMO Capital Markets boosted their target price on Beyond Meat from $7.00 to $10.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. Finally, Argus raised Beyond Meat from a “sell” rating to a “hold” rating in a report on Thursday, February 29th. Five analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $6.00.

Beyond Meat Stock Down 2.7 %

BYND stock traded down $0.18 on Wednesday, reaching $6.38. 1,040,763 shares of the company’s stock were exchanged, compared to its average volume of 3,304,095. The stock has a fifty day moving average of $7.74 and a 200-day moving average of $7.73. The firm has a market cap of $412.66 million, a PE ratio of -1.22 and a beta of 2.41. Beyond Meat has a twelve month low of $5.58 and a twelve month high of $19.25.

Beyond Meat (NASDAQ:BYND) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($2.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($1.58). The firm had revenue of $73.68 million for the quarter, compared to analyst estimates of $66.66 million. During the same period in the previous year, the company earned ($1.05) EPS. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. On average, equities research analysts predict that Beyond Meat will post -2.46 EPS for the current fiscal year.

Institutional Trading of Beyond Meat

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Compagnie Lombard Odier SCmA boosted its stake in shares of Beyond Meat by 16.3% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 25,000 shares of the company’s stock worth $222,000 after purchasing an additional 3,500 shares during the last quarter. Vontobel Holding Ltd. boosted its position in Beyond Meat by 716.7% during the third quarter. Vontobel Holding Ltd. now owns 359,718 shares of the company’s stock worth $3,460,000 after acquiring an additional 315,671 shares during the last quarter. Gotham Asset Management LLC grew its stake in Beyond Meat by 5.6% in the 3rd quarter. Gotham Asset Management LLC now owns 31,165 shares of the company’s stock worth $300,000 after acquiring an additional 1,646 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Beyond Meat by 6.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 483,732 shares of the company’s stock valued at $4,654,000 after acquiring an additional 30,998 shares during the last quarter. Finally, Sigma Planning Corp acquired a new position in Beyond Meat in the 3rd quarter valued at $98,000. 52.48% of the stock is currently 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.