BranchOut Food Inc. (NASDAQ:BOF) Shares Shorted: Short Interest Up 67.2% in October

BranchOut Food Inc. (NASDAQ:BOF) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 69,402 shares, a growth of 67.2% from the September 30th total of 41,508 shares. Based on an average trading volume of 82,912 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.5% of the company’s shares are sold short.

Wall Street Analyst Weigh In

BOF has been the topic of several analyst reports. Wall Street Zen upgraded shares of BranchOut Food from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 21st. 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of BranchOut Food in a research note on Monday, September 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 MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.00.

BranchOut Food Price Performance

NASDAQ:BOF opened at $1.68 on Tuesday. The stock’s 50 day moving average price is $3.26 and its two-hundred day moving average price is $3.65. BranchOut Food has a 12-month low of $1.63 and a 12-month high of $5.25. The firm has a market capitalization of $27.32 million, a price-to-earnings ratio of -2.80 and a beta of 0.67. The company has a quick ratio of 0.60, a current ratio of 1.03 and a debt-to-equity ratio of 0.34.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BOF. Bard Associates Inc. acquired a new stake in BranchOut Food during the second quarter worth approximately $4,740,000. BlackRock Inc. bought a new position in BranchOut Food during the 2nd quarter worth $185,000. Corsair Capital Management L.P. acquired a new position in BranchOut Food in the 1st quarter valued at $330,000. Renaissance Technologies LLC raised its holdings in BranchOut Food by 73.0% in 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 in the last quarter. Finally, Sei Investments Co. acquired a new position in BranchOut Food in the 1st quarter valued at $569,000. Institutional investors and hedge funds own 2.59% of the company’s stock.

BranchOut Food Company Profile

BranchOut Food Inc is a food technology company that develops, manufactures and sells dehydrated fruit and vegetable products. Its portfolio includes shelf-stable snacks, fruit-based products and vegetable ingredients designed for use by consumers, retailers and food manufacturers.

The company uses proprietary dehydration technology intended to preserve the flavor, color, texture and nutritional characteristics of fresh produce while extending shelf life. BranchOut Food offers products under its own brand and works with business customers on private-label and ingredient applications.

BranchOut Food distributes its products through retail, foodservice, e-commerce and industrial channels.