STRATEGIC PARTNERS
June 19, 2019
Shares of Beyond Meat skyrocketed Tuesday after the plant-based protein company said it was going to sell its meatless meat as patties in grocery stores, according to CNN. Shares hit $200 before going back down to $170, but that means the company had been trading 700% above its initial public offering price of $25 and puts its value above $10 billion.
Beyond Meat, which has a lot of competition from its former investor, Tyson, to the start-up, Impossible Foods, also recently launched a partnership with Tim Hortons to sell sandwiches with its version of breakfast sausage.
Although the company is flying high now, some analysts are skeptical about its future, considering Beyond Meat isn't yet profitable and reported just $40 million in quarterly sales earlier this month.
