More Buzz for BYND Stock After Subway Deal

Beyond Meat stock took a hit last week, but is still trading well beyond its IPO price

Deputy Editor
Aug 7, 2019 at 9:40 AM
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Buzzy Wall Street freshman Beyond Meat Inc (NASDAQ:BYND) is making headlines again, on news that it's partnering with Subway to create plant-based meatball subs, which will be tested in the U.S. and Canada beginning next month. The news has BYND shares up 1.4% at $163.41. 

BYND stock has cooled considerably from its July 26 record high of $239.71, clocking its worst week yet last week on a 24.6% loss, as traders eyed a secondary stock offering and the firm's quarterly earnings release. This plummet also sent the equity south of its 20-day moving average, with the shares now facing potential pressure in the $180 region. 

Despite the recent pullback, BYND stock is still trading at more than six times its initial public offering (IPO) price of $25. Nevertheless, analysts still aren't sold on the alternative protein maker, with all five in coverage calling BYND a "hold." What's more, the equity's consensus 12-month target price of $165.29 is right in line with current levels, leaving the door open for potential price-target hikes. 

Short sellers have started taking interest in the stock too, with 5.45 million shares sold short. These bearish bets account for a solid 11.3% of the stock's available float.

 

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