- Beyond Meat shares are rallying on Tuesday, even as the stock market plunges.
- Shares have gained 228% since pricing at $US25 on May 1.
- The company has yet to turn a profit since its 2009 founding.
- Watch Beyond Meat trade live.
Shares of the plant-based-burger maker were up 9.6% near $US82 apiece on Tuesday afternoon and have gained 228% since their initial-public-offering pricing of $US25 on May 1. The stock jumped 163% during its first day of trading on the Nasdaq and has posted a higher close each day since.
News surrounding the name has been light since its IPO, with only one analyst so far initiating cover. Freedom Finance’s Erlan Abdikarimov rated the company a “buy” on April 26, and assigned a $US28.40 price target, according to Bloomberg.
Volatility in the stock may soon pick up as the Chicago Board Options Exchange on Tuesday said options would begin trading on May 8.
Beyond Meat’s blistering start on the public market comes despite it not yet turning a profit. The company has generated losses in each year since its 2009 founding, losing $US29.9 million last year on net revenue of $US87.9 million.
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