Largest Plant-Based Food Stocks Were Up 5% Last Week; Now Up 32% YTD

Image by Sean Hayes from Pixabay

With all the hype regarding plant-based foods you would think that there would be many pure-play companies in the sector but there are only 3 that have market caps in excess of $100M and those are the companies we track in the munKNEE Plant-based Food Stocks Index. They are presented below as to their:

• stock performances week-ending March 25th, 2023 with
• likelihood of Financial Distress within the next 2 years (according to data from macroaxis.com), and
• average 12-month Price Targets (from SeekingAlpha.com),
• extent of Short Interest (from SeekingAlpha.com), and
• Insider Ownership (from SeekingAlpha.com).

1. Beyond Meat (BYND): Up 4.7% last week; Up 32.4% YTD
   • Seeks to replicate the look, "cook", and taste of meat. Its products are sold in the meat case of retail food stores across the U.S. and Canada and 83 other countries.
   • 16 analysts:
     • have an average 12-month price target of $12.38
     • representing a 23.9% decrease from the March 24th price of $16.27 and
     • have a consensus Hold rating (9 Hold, 6 Sell, 1 Strong Sell).
   • In addition, BYND has:
     • a 46% chance of Financial Distress within 2 years,
     • a very high Short Interest of 36.3%; and
     • only 4.5% Insider Ownership.
   • Read: Beyond Meat is viewed cautiously by BTIG with cash flow still a concern
     • Beyond Meat: Latest Results Provide Little Clarity
     • Beyond Meat Keeps Shrinking And Burning Cash
     • Beyond Meat's Survival Is Unlikely, But May Be Too Dangerous To Short
2. Oatly Group (OTLY): Up 3.5% last week; Up 37.4% YTD
   • The world’s largest oat drink company catering primarily to customers in Sweden, Germany, the United Kingdom, Netherlands, Finland, and North America.
   • 12 analysts:
     • have an average 12-month price target of $4.63
     • representing a 94% increase from the March 24th price of $2.91 and
     • have a consensus Buy rating (5 Buy, 4 Hold, 3 Sell).
   • In addition, OTLY has:
     • a 30% chance of Financial Distress within 2 years,
     • an 8.2% Short Interest; and
     • only 1.6% Insider Ownership.
   • Read: Oatly stock is defended at BofA with liquidity on the mend
3. Tattooed Chef (TTCF): Up 11.1% last week; Up 21.0% YTD
   • Offers a broad portfolio of plant-based food products that are available in the frozen food sections of national retail food stores across the United States.
   • 3 analysts:
     • have an average 12-month price target of $2.17
     • representing a 45% increase from the March 24th price of $1.50 and
     • have a consensus Hold rating (all 3 analysts).
   • In addition, TTCF has:
     • a 26% chance of Financial Distress within 2 years,
     • a high 33.8% Short Interest; and
     • a 41% Insider Ownership.
   • Read: Tattooed Chef: Insolvency Risk And Speculative Growth
     • Tattooed Chef: One More Hurdle To Entry Point, Wait For The Greenlight

In total, the munKNEE Plant-Based Food Stocks Index was Up 5.0% last week and is now Up 32.0% YTD, and that represents a 4.9% decrease from their average March 24th prices according to the consensus 12-month forecast of the 3 Wall Street analysts following these stocks.

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