Topline
A dayslong rally continued Wednesday for Beyond Meat, whose shares have jumped more than 1,000% since hitting a new low last week, as traders flocked to the plant-based meat distributor’s stock as the next meme asset.
Wall Street previously forecast the plant-based meat firm as a “Reddit stock to watch.”
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Key Facts
Shares of Beyond Meat surged 63% to around $5.80 shortly after trading opened Wednesday, adding to a rally that began Oct. 17 and setting an intraday high for the year so far.
Beyond Meat’s stock hit an all-time intraday low of $0.50 on Oct. 16, capping what was a 75% decline on the week after the company announced its creditors had accepted a debt swap that would substantially dilute shareholders.
While it’s unclear why the stock rebounded roughly 24% last Friday, Beyond Meat’s shares have surged 1,096% as of Wednesday’s trading price since hitting an intraday low.
