5 Most Shorted Stocks in September

2. Beyond Meat, Inc. (NASDAQ:BYND)

Number of Hedge Fund Holders: 20

Floated Shorted: 36.61%

Beyond Meat, Inc. (NASDAQ:BYND) is a California-based manufacturer of plant-based meat substitute products.

In a research note issued on September 21, Michael Lavery at Piper Sandler slashed the price target on Beyond Meat, Inc. (NASDAQ:BYND) from $9 to $8 and reiterated an Underweight rating on the stock. The stock price is already hovering around an all-time low, but the target price assigned by the analyst sees a further downside of over 50% from the closing price as of September 21. The analyst highlighted an acceleration in decline in retail sales for Beyond Meat, Inc.’s (NASDAQ:BYND) products. Although the company could see strong jerky sales for the remainder of 2022 due to heavy discounting and high inventory, it could also end up squeezing the margins due to operational inefficiencies.

Here’s what Horos Asset Management said about Beyond Meat, Inc. (NASDAQ:BYND) in its Q1 2022 investor letter:

“What about the other asset class that has attracted the most attention from the investment community in recent times? Beyond Meat is the other company whose valuations we did not understand and whose share price has also declined drastically in the last year and a half.”