Beyond Meat Shares Are Rising: Is the Stock Headed for a Turnaround?
Remember the hype around plant-based meat? Before the COVID-19 pandemic, investors were thrilled with the potential of alternative meat products. Beyond Meat (NASDAQ: BYND) was at the center of that craze when it went public in May 2019 at $25 per share before trading up to a peak of nearly $235 just a few months later. At that level, the stock reached a market cap of $14 billion on little revenue and no earnings. Investors were clamoring for a slice of what was promised to be the next big trend.
Today, Beyond Meat has become a sobering lesson on the dangers of excessive market hype with shares trading at less than $7 per share, or down 97% from their all-time high. However, in recent weeks, shares of Beyond Meat have been climbing after the company announced preliminary results for its third quarter and another round of layoffs.
Is Beyond Meat stock finally headed for a turnaround?
Source Fool.com
