Oppenheimer Maintains a Hold Rating on Beyond Meat (BYND)
In a report released today, Rupesh Parikh from Oppenheimer maintained a Hold rating on Beyond Meat (BYND). The company’s shares closed last Tuesday at $142.25.
According to TipRanks.com, Parikh is a 5-star analyst with an average return of 14.4% and a 62.7% success rate. Parikh covers the Consumer Goods sector, focusing on stocks such as Bj’s Wholesale Club Holdings, Albertsons Companies, and Church & Dwight.
Currently, the analyst consensus on Beyond Meat is a Moderate Sell with an average price target of $115.44, representing a -16.7% downside. In a report issued on July 28, Canaccord Genuity also initiated coverage with a Hold rating on the stock with a $140.00 price target.
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Based on Beyond Meat’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $97.07 million and net profit of $1.82 million. In comparison, last year the company earned revenue of $40.21 million and had a GAAP net loss of $6.65 million.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BYND in relation to earlier this year.
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Beyond Meat, Inc. engages in the provision of plant-based meats. Its products include ready-to-cook meat under the brands The Beyond Burger and Beyond Sausage; and frozen meat namely Beyond Chicken Strips and Beyond Beef Crumbles. The company was founded by Ethan Walden Brown and Brent Taylor in 2009 and is headquartered in El Segundo, CA.
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