BranchOut Food Inc. (NASDAQ:BOF) Shares Shorted: Short Interest Up 48.0% in September

BranchOut Food Inc. (NASDAQ:BOF) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 71,122 shares, an increase of 48.0% from the August 31st total of 48,065 shares. Based on an average daily volume of 13,069 shares, the short-interest ratio is presently 5.4 days. Currently, 0.6% of the company’s shares are sold short.

Wall Street Analyst Weigh In

BOF has been the subject of a number of recent research reports. Lake Street Capital assumed coverage on BranchOut Food in a report on Monday, August 3rd. They issued a “buy” rating and a $6.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a report on Monday, September 21st. Finally, Wall Street Zen upgraded BranchOut Food from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, BranchOut Food currently has a consensus rating of “Hold” and an average target price of $6.00.

Hedge Funds Weigh In On BranchOut Food

A number of institutional investors have recently modified their holdings of BOF. Bard Associates Inc. purchased a new stake in shares of BranchOut Food in the second quarter valued at approximately $4,740,000. Sei Investments Co. purchased a new position in BranchOut Food during the 1st quarter worth $569,000. Corsair Capital Management L.P. purchased a new position in BranchOut Food during the 1st quarter worth $330,000. Renaissance Technologies LLC raised its position 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 purchasing an additional 33,927 shares in the last quarter. Finally, BlackRock Inc. bought a new stake in BranchOut Food during the 2nd quarter valued at $185,000. 2.59% of the stock is owned by hedge funds and other institutional investors.

BranchOut Food Stock Down 0.1%

Shares of BOF opened at $3.82 on Friday. The firm has a fifty day moving average price of $3.94 and a 200-day moving average price 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. The firm has a market capitalization of $62.05 million, a P/E ratio of -6.36 and a beta of 0.67. BranchOut Food has a 12-month low of $1.93 and a 12-month high of $5.25.

BranchOut Food (NASDAQ:BOF) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) EPS for the quarter, topping 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 company had revenue of $4.46 million for the quarter, compared to the consensus estimate of $4.00 million.

BranchOut Food Company Profile

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.