Why Beyond Meat Is Surging Today
Shares of Beyond Meat (NASDAQ: BYND) were levitating today, up more than 11.8% as of 1:37 p.m. ET. The reason for the rise wasn't hard to figure out; yesterday, Beyond Meat announced a new partnership with Kim Kardashian, who will become Beyond Meat's first "Chief Taste Consultant."
Beyond Meat's shares have been decimated this year, down 82% over the past 12 months, as the company has disappointed on expectations for disruptive growth. Therefore, it's no surprise that landing a big celebrity spokesperson with a beaten-down share price caused a one-day spike. But are these gains as sustainable as the food?
In the press release announcing the new partnership, Kardashian said: "I am really inspired by Beyond Meat's mission and love that they are not only making plant-based eating delicious and accessible, but are doing so in a way that benefits both people and the planet. It's empowering to know that the small changes I'm making for my family, like incorporating more Beyond Meat into our meals, can add up to make a big impact." Kardashian will share her favorite products and recipes in the Beyond Meat newsletter, with exclusive deals and offers.
Source Fool.com
