Beyond Meat shares skyrocket over 90% on Walmart partnership
Shares of Beyond Meat surged by over 90% in trading on Tuesday after the company announced its plans to expand distribution to Walmart stores.
Beyond Meat revealed that some of its products, such as the “Beyond Burger 6-pack” and “Beyond Chicken Pieces,” will now be available in 2,000 Walmart stores across the country.
Following this news, the company’s shares soared to $2.98, pushing its market value to approximately $1.5 billion and setting it up for a significant fivefold increase from last Thursday’s closing price of 52 cents.
Over 1.2 billion shares of Beyond Meat were traded on Tuesday.
The stock is one of the most watched on Stocktwits, a platform favored by amateur traders.
Out of the eight analysts covering Beyond Meat, five rate the stock as “sell” or “strong sell,” while three suggest holding it, with a median price target of $2.42 per share, according to LSEG data.
