Beyond Meat shares surge considerably as the company's expanded Walmart rollout and new value pack signal a powerful retail revival.
The eyewatering spike in shares of Beyond Meat has drawn comparisons with GameStop, AMC and other meme stocks
Beyond Meat shares are soaring for a third straight day, surging 111% at one point in the premarket Wednesday. The stock was above $6.43 on Wednesday, after closing Tuesday at $3.62.
Shares of Beyond Meat Inc. are soaring this week amid speculation that the struggling maker of pea-based meat substitutes might be joining the latest cohort of meme stocks.
Sundry Photography / iStock Editorial via Getty Images All thanks to massive short covering following news the company completed a debt-for-equity swap that changed the share structure announced on October 13.
Beyond Meat (Nasdaq: BYND) is in the midst of a short squeeze with share up 75% so far today, which is a dramatic change after a historic 56% drop in share price after its $1.5 billion debt-for-equity swap announced on Oct.
One of the stocks with the highest surges in premarket trading this morning is Beyond Meat, Inc. (Nasdaq: BYND). As of the time of this writing, shares in BYND are up a staggering 67% before the opening bell.
Beyond Meat Inc (NASDAQ:BYND) shares surged 50% in early trading on Monday despite no announcement from the company. The stock price move appears to be a classic short squeeze, in which short sellers who borrowed the company's shares to sell them (in hopes of repurchasing those shares at a lower price) are forced to quickly buy the stock back as the price rises, to limit potential losses.
In the summer of 2019, the stock eclipsed $239 a share -- its peak price. Since then, the stock has lost more than 99% of its value.
The meat-alternative producer plans to issue new shares after a debt exchange gives it more time to restructure the business.
Once the darling of the plant-based boom, Beyond Meat Inc (NASDAQ:BYND) has gone from market disruptor to market casualty. At its 2019 peak, the company was valued at over $13 billion.
Shares of Beyond Meat slumped to a record low on Monday after the maker of plant-based meat launched an exchange offer for convertible bonds to cut more than $800 million in debt.