It’s not often we see an IPO this explosive.
But Beyond Meat’s (BYND) stock is sizzling, having just hit an all-time high of $208.48 – a 720% move since it went public two months ago. It now has a market cap of $11.9 billion.
All prior to the company posting earnings on Monday.
Analysts expect the company to post a loss of eight cents a share on revenue of $52.7 million.
Interesting to note, the company has long-term potential as more than 18% of Americans are now trying to eat less meat, according to the NPD Group, as noted by CNBC. Plus, there’s no shortage of consumer interest. Grocery sales of meat alternatives were up nearly 20% to $878 million for the year ended January 5, 2019, according to Fortune.
Veggie Burger Mania Hits Corporate America
Tyson Foods said it would introduce a meatless product in coming months. CEO Noel White told analysts in May 2019 the company would launch that product this summer on a limited basis, with a wider rollout in October and November, as reported by CNBC. McDonald’s just began selling its veggie burgers in Germany.
Even Burger King rolled out its Impossible Whopper.
All as the public just begins to change their tastes, and begin to eat less meat.