Beyond Meat Inc. (NASDAQ: BYND) continued its explosive rally on Wednesday, surging another 50% in pre-market trading after a remarkable 200% gain in just two days. The stock, which had been languishing below $1 last week, has reignited its “meme stock” status as retail investors and short-sellers rush into the trade.
The plant-based food maker’s resurgence began on Monday when shares skyrocketed 127% — the biggest single-day gain in its history — following its inclusion in the Roundhill Meme Stock ETF (MEME). The move triggered a massive short squeeze, as over 63% of the company’s float had been sold short, according to FactSet data.
The rally gained further momentum after Beyond Meat announced a new distribution partnership with Walmart, expanding its retail presence across the United States. The announcement added a fundamental boost to the sentiment-driven surge, as investors cheered the potential for higher sales and brand visibility.
Beyond Meat’s shares now trade around $5.46 in pre-market, after closing Tuesday at $3.62, marking one of the most dramatic turnarounds seen this year. The stock had fallen more than 67% last week before the reversal, driven by debt-related concerns and weak fundamentals.
While analysts caution that the rally may not be sustainable given Beyond Meat’s financial struggles and history of volatility, the stock’s return to meme status underscores the power of retail investor enthusiasm.
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