BranchOut Food (NASDAQ:BOF) Stock Falls 1.1% – Should You Sell?

Shares of BranchOut Food Inc. (NASDAQ:BOF) were down 1.1% on Tuesday. The stock traded as low as $3.66 and last traded at $3.68. Approximately 8,575 shares changed hands during trading, a decline of 64% from the average session volume of 23,794 shares. The stock had previously closed at $3.72.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Lake Street Capital initiated coverage on shares of BranchOut Food in a research report on Monday, August 3rd. They set a “buy” rating and a $6.00 price objective for the company. Wall Street Zen upgraded BranchOut Food from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of BranchOut Food in a research report on Monday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.00.

BranchOut Food Trading Up 6.9%

The company has a market capitalization of $63.25 million, a PE ratio of -6.48 and a beta of 0.64. The company has a fifty day simple moving average of $3.97 and a 200-day simple moving average of $3.89. The company has a current ratio of 1.03, a quick ratio of 0.60 and a debt-to-equity ratio of 0.34.

BranchOut Food (NASDAQ:BOF) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.02. BranchOut Food had a negative net margin of 56.77% and a negative return on equity of 153.95%. The firm had revenue of $4.46 million for the quarter, compared to analysts’ expectations of $4.00 million.

Hedge Funds Weigh In On BranchOut Food

Hedge funds have recently modified their holdings of the business. Bard Associates Inc. acquired a new position in BranchOut Food in the second quarter valued at about $4,740,000. Sei Investments Co. acquired a new stake in shares of BranchOut Food in the first quarter valued at $569,000. Corsair Capital Management L.P. purchased a new stake in shares of BranchOut Food in the 1st quarter valued at $330,000. Renaissance Technologies LLC boosted its holdings in BranchOut Food by 73.0% during the 1st quarter. Renaissance Technologies LLC now owns 80,427 shares of the company’s stock valued at $265,000 after acquiring an additional 33,927 shares during the period. Finally, BlackRock Inc. acquired a new position in shares of BranchOut Food in the second quarter valued at approximately $185,000. 2.59% of the stock is currently owned by hedge funds and other institutional investors.

About BranchOut Food

BranchOut Food Inc is a food technology company focused on producing shelf-stable, plant-based snacks and ingredients from fruits and vegetables. The company uses proprietary dehydration technology designed to preserve the color, flavor, texture and nutritional characteristics of fresh produce while extending shelf life.

Its product offerings include dehydrated fruit and vegetable snacks, such as avocado, banana, pineapple, mango and other produce-based items, as well as ingredient products intended for use by food manufacturers.