Why Is Everyone Talking About Beyond Meat Stock?
Shares of Beyond Meat (NASDAQ: BYND) have been on quite the roller-coaster since their May 2019 initial public offering. After going public at just $25, the plant-based meat substitute producer skyrocketed to an all-time high of $239.71 within just two months. Then, after a secondary offering at $160, shares plummeted back to earth, falling into the $70 range by year's end.
However, after the initial rise and crash, Beyond Meat is on the upswing again, rising 77.2% in the first six months of 2020, despite the restaurant and food service headwind from the COVID-19 pandemic. While the current price around $127 is just over half of its all-time highs, that price is still more than five times its IPO price, and almost double where shares ended their first day of trading at $65.75. Not too shabby.
So, what's been behind the incredible hype for Beyond Meat? And is there really "meat on that bone," so to speak?
Source Fool.com
