Wells Fargo & Company MN Grows Position in Beyond Meat, Inc. (NASDAQ:BYND)
Posted by Faye Duncan on Nov 17th, 2020
Beyond Meat logoWells Fargo & Company MN lifted its stake in shares of Beyond Meat, Inc. (NASDAQ:BYND) by 2.6% during the third quarter, HoldingsChannel.com reports. The firm owned 345,575 shares of the company’s stock after purchasing an additional 8,886 shares during the period. Wells Fargo & Company MN’s holdings in Beyond Meat were worth $57,386,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. DC Investments Management LLC purchased a new stake in shares of Beyond Meat in the 3rd quarter worth about $411,000. Independent Advisor Alliance grew its position in shares of Beyond Meat by 21.7% in the third quarter. Independent Advisor Alliance now owns 5,159 shares of the company’s stock valued at $857,000 after purchasing an additional 920 shares during the last quarter. Varma Mutual Pension Insurance Co purchased a new position in shares of Beyond Meat during the 3rd quarter worth approximately $7,473,000. Raymond James & Associates raised its position in shares of Beyond Meat by 8.7% during the 3rd quarter. Raymond James & Associates now owns 57,731 shares of the company’s stock worth $9,587,000 after purchasing an additional 4,636 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new stake in Beyond Meat in the 3rd quarter valued at approximately $6,335,000. Institutional investors and hedge funds own 31.45% of the company’s stock.
NASDAQ:BYND opened at $127.15 on Tuesday. The business’s 50-day moving average is $163.94 and its two-hundred day moving average is $141.82. The firm has a market capitalization of $7.97 billion, a PE ratio of -282.56 and a beta of 2.43. Beyond Meat, Inc. has a 12 month low of $48.18 and a 12 month high of $197.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.56 and a quick ratio of 4.32.
Beyond Meat (NASDAQ:BYND) last released its quarterly earnings results on Saturday, November 14th. The company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.33). The company had revenue of $94.44 million during the quarter, compared to analysts’ expectations of $132.24 million. Beyond Meat had a negative return on equity of 4.49% and a negative net margin of 6.97%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 EPS. Equities analysts anticipate that Beyond Meat, Inc. will post -0.39 EPS for the current year.
BYND has been the subject of a number of recent research reports. Sanford C. Bernstein reiterated a “sell” rating and set a $89.00 price objective on shares of Beyond Meat in a research report on Tuesday, November 10th. Cfra lowered their price target on shares of Beyond Meat from $100.00 to $80.00 and set a “sell” rating for the company in a report on Tuesday, November 10th. Oppenheimer began coverage on shares of Beyond Meat in a research report on Thursday, July 30th. They issued a “hold” rating for the company. Jefferies Financial Group restated a “hold” rating and set a $118.00 target price on shares of Beyond Meat in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. cut their price target on Beyond Meat from $122.00 to $104.00 in a report on Tuesday, November 10th. Ten investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $110.73.
In related news, General Counsel Teri L. Witteman sold 1,969 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $126.24, for a total value of $248,566.56. Following the transaction, the general counsel now owns 51,550 shares in the company, valued at $6,507,672. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Cari Soto sold 211 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $130.33, for a total value of $27,499.63. Following the completion of the transaction, the insider now directly owns 10,399 shares of the company’s stock, valued at approximately $1,355,301.67. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,804 shares of company stock valued at $30,104,801. Company insiders own 11.00% of the company’s stock.
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