The company's plant-based steak products will hit the shelves of Whole Foods and Wegmans
Beyond Meat Inc (NASDAQ:BYND) plant-based steak products are hitting the shelves of stores such as Whole Foods and Wegmans, as the company expands to about 14,000 U.S. locations. In response, BYND s up 2.9% at $15.90.
The security earlier hit its highest level since April, after bouncing off a familiar floor at the $10 region. Now pacing for their fourth consecutive daily win, shares are up 25.6% so far this year.
A shift in analyst sentiment could generate tailwinds. All 13 brokerages in coverage sport a tepid "hold" or worse rating on BYND, while the 12-month consensus target price of $10.27 is a 36.3% discount to current levels. In simpler terms, the equity looks ripe for a round of upgrades and/or price-target hikes.
Short sellers are already hitting the exits, with short interest down 6.8% in the most recent reporting period. The 24.79 million shares sold short still make up 42.5% of Beyond Meat stock's available float, though, meaning there is still ample pessimism left to be unwound.
Options traders are firmly bullish. This is per BYND's 50-day call/put volume ratio of 1.84 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than all other readings in its annual range.