- Beyond Meat stock leaped as much as 9% on Monday, serving as one of the few market winners while coronavirus fears dragged on stocks around the world.
- The plant-based-meat company announced on Monday an expanded partnership with Denny’s. The restaurant chain will begin selling Beyond Burgers at 1,700 locations and offer free burgers with beverage purchases across all participating locations on January 30.
- Beyond Meat is vastly outperforming major US indexes with its 73% year-to-date gain, driven by expanded partnerships with other restaurant chains and a lack of major competition in the expanding sector.
- Watch Beyond Meat trade live here.
Beyond Meat stock soared as much as 9% on Monday, standing as one of the few market gainers while coronavirus fears dragged on global stocks.
The company announced on Monday an expanded partnership with restaurant chain Denny’s, in which it would begin offering plant-based burgers in more than 1,700 locations. Denny’s will offer free Beyond Burgers on January 30 with beverage purchases across all participating locations to kick off the partnership, according to a press release.
“We were thrilled to be able to answer the call from our guests to add more plant-based protein options to our menu when we launched the Beyond Burger in Los Angeles at the end of last year,” Denny’s chief brand officer John Dillon said in the statement.
Denny’s previously sold Beyond Burgers at its Los Angeles locations.
The plant-based-meat producer’s Monday surge arrives as global markets tank on fears of the rapidly spreading coronavirus. The S&P 500 slumped as much as 1.8% Monday morning. The Nasdaq Composite, which includes Denny’s and Beyond Meat, fell as much as 2.3%.
Gold, a popular safe-haven asset, traded as much as 0.7% higher as the number of China’s reported coronavirus cases increased and investors ran from volatile equities.
The Monday jump saw Beyond Meat stock trade at its highest level since mid-October before paring gains. Beyond Meat has outperformed the major US indexes with a 73% year-to-date gain, and is as one of the few major 2019 IPOs to soar after its market debut.
The company leaped 27% in the week ended January 10 alone, posting its best weekly gain since July after McDonald’s said it would expand its trial of Beyond Burgers in Canada. Reports that rival company Impossible Foods abandoned efforts to partner with McDonald’s boosted Beyond Meat shares as well, though Impossible Foods later disputed the report.
Beyond Meat traded at $US128.60 per share as of 2:00 p.m. ET.
The company has three “buy” ratings, 10 “hold” ratings, and four “sell” ratings, with a consensus price target of $US104.51, according to Bloomberg data.
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