Beyond Meat Stock Lower After Investor Reveals Stake

There is a great deal of pessimism surrounding the stock

Deputy Editor
Sep 2, 2022 at 10:55 AM
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Beyond Meat Inc (NASDAQ:BYND) is down 4.4% at $23.50 at last glance, after Baillie Gifford reported a 6.61% passive stake in the plant-based giant as of August 31. The investment firm had previously reported a 13.38% stake on December 31, 2021. 

On the charts, BYND is on track for its fourth-straight week of losses. Currently below all key short- and long-term daily moving averages, the 10-day trendline is providing immediate pressure as of late. Year-to-date, the equity is down 62.1%.

Both analysts and options traders are extremely pessimistic towards Beyond Meat stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 50-day put/call volume ratio of 1.29. This ratio ranks higher than 94% of readings from the past year, showing puts being picked up at a much faster-than-usual clip. 

Of the 13 analysts in coverage, 10 carry a tepid "hold" rating, with three a "sell" or worse. Plus, the 12-month consensus price target of $23.27 is roughly in line with current levels, despite the stock's recent underperformance. 

Though short interest has started to unwind, it still makes up a hefty 33.6% of the stock's available float. It's also worth noting that BYND's 14-day relative strength index (RSI) of 8.3 sits firmly in "oversold" territory. 

 

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