Why Beyond Meat Stock Defied the Market Sell-Off on Thursday
Shares of plant-based meat company Beyond Meat (NASDAQ: BYND) refused to go down with the rest of the market on Thursday. Instead the stock was up 9% as of 3 p.m. ET. By contrast, the S&P 500 was down 1.6%. As it turns out, a lot of people are betting against Beyond Meat stock. And recent developments may have them rethinking their positions.
The Russell 1,000 index tracks the top 1,000 public companies in the U.S. Today, Bloomberg reported that Beyond Meat is officially the most shorted stock among these top 1,000. This means there's a lot of bearish sentiment when it comes to Beyond Meat. And it's not just retail investors who feel this way. Among 14 analysts tracked by TipRanks, only one would recommend buying Beyond Meat stock. Six recommend selling.
Image source: Getty Images.
Source Fool.com
