5 Rebounding Meme Stocks to Buy in August

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

Number of Hedge Fund Holders: 23   

Percentage Increase in Share Price Over Past Month as of August 10: 23%      

Beyond Meat, Inc. (NASDAQ:BYND) makes and sells plant-based meat products. On August 4, the firm posted earnings for the second quarter of 2022, reporting losses per share of $1.53, beating analyst estimates by $0.39. The revenue over the period was $147 million, down more than 1% compared to the revenue over the same period last year and missing market estimates by $2 million. The firm said that full year revenue for 2022 would be in the $470 million to $520 million range against consensus estimates of $561 million. 

On August 8, Mizuho analyst John Baumgartner maintained a Neutral rating on Beyond Meat, Inc. (NASDAQ:BYND) stock and lowered the price target to $27 from $21, noting that the firm missed market estimates on earnings for the second quarter. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Beyond Meat, Inc. (NASDAQ:BYND), with 2.2 million shares worth more than $107 million.  

In its Q1 2022 investor letter, Horos Asset Management, an asset management firm, highlighted a few stocks and Beyond Meat, Inc. (NASDAQ:BYND) was one of them. Here is what the fund said:

“What about the other asset class that has attracted the most attention from the investment community in recent times? Beyond Meat, Inc. (NASDAQ:BYND) 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.”