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May 26, 2020 - 24/7 Wall St.

How Non-Vegans Lift Beyond Meat Stock

How Non-Vegans Lift Beyond Meat Stock
Beyond Meat Stock ChartCredit: Yahoo Finance

Beyond Meat Inc. (NASDAQ: BYND) has been a Wall Street darling since its initial public offering on May 2, 2019. Although the stock price for the producer of plant-based meat substitutes is down nearly 100 points from a spike last July, it is up more than 70% year over year and more than 180% from its 52-week low in March.

The company is courting consumers beyond what might at first glance seem to be the natural market: vegans and vegetarians. Only 1 in 8 Americans have ever considered themselves to be vegan or vegetarian, according to Vegan Bits.

The products’ availability in restaurants, food services and grocery stores is putting it on the plates of part-time vegetarians, known as “flexitarians.” Recent meat shortages stemming from supply-chain problems caused by COVID-19 outbreaks at meat-packing plants have been attracting customers who are simply seeking a protein source.

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