The Vanguard Group, Inc. recently announced the acquisition of new stake in Beyond Meat Inc (NASDAQ:BYND). The institutional investor has increased its shareholding in the Consumer Defensive company by 0.10% to 6.1 million shares with purchase of 6121.0 shares. This fresh investment now brings its stake to 9.47% valued currently at $36.4 million. In addition, Parkwood LLC raised its holdings by 5.4 million to 5.4 million shares. And BlackRock Fund Advisors has lifted its position by 0.22% or 8229.0 shares – to 3.73 million shares.
With over 9.42 million Beyond Meat Inc (BYND) shares trading Tuesday and a closing price of $10.55 on the day, the dollar volume was approximately $99.33 million. The shares have shown a negative half year performance of -24.32% and its price on 12/12/23 gained nearly 6.14%. Currently, there are 63.77M common shares owned by the public and among those 60.83M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for BYND have a consensus price objective of $5.75. The analysts have set the share’s price value over the next 12 months at a high of $9.00 and a low of $3.00. The average price target is -83.48% below its recent price level and a downside to the estimated low will see the stock lose -251.67% over that period. But a downside of -17.22% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
Insiders at the company have transacted a total of 101 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 795,254 shares. Insider sales of the common stock occurred on 78 occasions, with total insider shares sold totaling 123,075 shares.
The top 3 mutual fund holders in Beyond Meat Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 1.93 million shares of the company’s stock, all valued at over $11.5 million. The company bought an additional 88400.0 shares recently to bring their total holdings to about 2.99% of the shares outstanding. Vanguard Small Cap Index Fund bought 768.0 shares to see its total holdings expand to 1.57 million shares valued at over $9.38 million and representing 2.44% of the shares outstanding. iShares Russell 2000 ETF sold 13747.0 shares to bring its total holdings to over 1.37 million shares at a value of $8.17 million. iShares Russell 2000 ETF now owns shares totaling to 2.13% of the shares outstanding.
Shares of Beyond Meat Inc (NASDAQ: BYND) opened at $10.30, up $0.36 from a prior closing price of $9.94. However, the script later moved the day high at 10.81, up 6.14%. The company’s stock has a 5-day price change of 19.21% and 2.63% over the past three months. BYND shares are trading -14.30% year to date (YTD), with the 12-month market performance down to -29.05% lower. It has a 12-month low price of $5.58 and touched a high of $22.87 over the same period. BYND has an average intraday trading volume of 2.60 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 40.27%, 42.20%, and -12.10% respectively.
Institutional ownership of Beyond Meat Inc (NASDAQ: BYND) shares accounts for 50.12% of the company’s 63.77M shares outstanding. Mutual fund holders own 20.57%, while other institutional holders and individual stakeholders account for 29.77% and 19.33% respectively.
It has a market capitalization of $680.90M and a beta (3y monthly) value of 2.29. The earnings-per-share (ttm) stands at -$3.90. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.28% over the week and 8.93% over the month.
Analysts forecast that Beyond Meat Inc (BYND) will achieve an EPS of -$0.88 for the current quarter, -$0.8 for the next quarter and -$3.01 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.06 while analysts give the company a high EPS estimate of -$0.57. Comparatively, EPS for the current quarter was -$1.05 a year ago. Earnings per share for the fiscal year are expected to increase by 34.86%, and 18.81% over the next financial year. EPS should grow at an annualized rate of 10.00% over the next five years, compared to -62.69% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Beyond Meat Inc (BYND) as a “Moderate Sell” at a consensus score of 4.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 7 of the 15 advise that investors “hold,” and 7 rated it as a “Sell.”
Looking at the support for the BYND, a number of firms have released research notes about the stock. Consumer Edge Research stated their Underweight rating for the stock in a research note on November 13, 2023, with the firm’s price target at $5.
