Beyond Meat (BYND) is pushing higher on heavy volume.
At the moment, the stock is up $4 on volume of 4.9 million shares, as compared to daily average volume of 3.24 millio.
For one, severely beaten down shares are just starting to pivot higher from support dating back to May 2019. Two, long-term, BYND could do very well with the explosive plant based food story, which according to Credit Suisse could be a $1.4 trillion market by 2050.
Two, Piper Jaffray analysts just upgraded the stock to neutral from underweight, with a price target of $64. The firm also raised its 2022 sales forecast to $600 million from $565 million after “industry contacts indicated to him that a nationwide U.S. launch of McDonald’s (MCD) McPlant burger appears to be coming in late Q1 of 2022, which is earlier than he anticipated,” as highlighted by TheFly.com.
Three, food industry veterans are joining the BYND team.
Doug Ramsey joins as Chief Operating Officer following three decades at Tyson Foods where he oversaw the company’s poultry and McDonald’s businesses. Bernie Adcock joins in the newly created role of Chief Supply Chain Officer following more than three decades of experience in operations and supply chain management at Tyson Foods, and will report to Ramsey.
In addition, the plant based boom is gaining good momentum.
Tyson, Smithfield, Perdue, Hormel, Nestle have jumped on the plant-based bandwagon. McDonald’s introduced a McPlant meatless burger. Jimmy Dean added plant-based patties. Unilever also expects to generate about $1.1 billion over the next five to seven years from plant based foods. The list goes on…
Beaten down shares of BYND are a long-term buy and hold.