Beyond meat achieved analyst target
IIn its last trade, Beyond Meat Inc (symbol: BYND) stock exceeded its 12-month average target price of $ 119.69 and changed hands for $ 120.70 / share. Logically, when a stock hits the target set by an analyst, the analyst has two options to react: downgrade the rating or adjust the price target to a higher level. The reaction of analysts may also depend on fundamental business developments that may be responsible for a higher stock price. If the situation improves for the company, it may be time to raise the price target.
There are 13 different analyst targets that contribute to this average for Beyond Meat Inc., but the average is just that – a mathematical average. There are analysts with lower than average targets, including one aiming for a price of $ 72.00. And then on the other side of the spectrum, an analyst has a target of up to $ 173.00. The standard deviation is $ 28.057.
But the whole reason to look at the average BYND price target first and foremost is to use a “wisdom of the masses” that compiles the contributions of all the individual minds who contributed to the final number as opposed to what was just one is certain expert believes. And with BYND exceeding its average target price of $ 119.69 / share, BYND investors have received a good signal to spend new time evaluating the company and making their own decisions: $ 119.69 is just a stop on moving towards an even higher goal, or is the evaluation stretched so far that it is time to think about taking a few chips off the table? Below is a table showing the current thinking by analysts studying Beyond Meat Inc:
|Current breakdown of BYND analyst ratings|
|»||electricity||1 month ago||2 months ago||3 months ago|
|Strong buy recommendations:||4th||4th||4th||4th|
|Strong sales ratings:||4th||4th||5||4th|
The average rating on the last row of the table above ranges from 1 to 5, with 1 being Strong Buy and 5 being Strong Sell. This article uses Data from Zacks Investment Research via Quandl.com. Get the Latest Zacks Research Report on BYND – FREE.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.