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Beyond Meat, Inc. (NASDAQ:BYND) shares are trading higher Monday on above-average trading volume. Here's a look at what's going on.
What To Know:
Last Thursday, Beyond Meat announced the expansion of its Beyond IV product line with the roll out of its fourth generation Beyond Sausage at grocery stores nationwide. The Beyond IV product line features 75% less saturated fat and 20% less salt than traditional beef, according to the company.
Analyst Faizan Farooque sees a potential short-squeeze brewing in Beyond Meat shares as the company prioritizes its Beyond IV line and cuts its 2024 budget by $70 million as part of its SKU rationalization process.
The stock has fallen 25% year-to-date and 38.88% of available Beyond Meat shares are being sold short, according to data from Benzinga Pro.
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When trying to assess whether or not Beyond Meat will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $6.3 on Beyond Meat. The Street high target is currently at $9 and the Street low target is $3.50. Of all the analysts covering Beyond Meat, no one has positive ratings, 2 have neutral ratings and 3 have negative ratings.
In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Beyond Meat have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Beyond Meat is down 25% year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Beyond Meat, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
BYND Price Action: According to Benzinga Pro, Beyond Meat shares are down 1.79% at $13.16 at the time of publication Monday.
Image: Courtesy of Beyond Meat, Inc.
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