Beyond Meat Inc. (NASDAQ: BYND) stock heads higher to reach $105.25 on Thursday, which is the plant-based meat company’s highest since the initial public offering on May 2. The company is stepping outside the safe haven US with the intention of making plant-based meats in Europe next year. This is part of the company’s vision of being a global protein company.
The company has partnered with Zandbergen World’s Finest Meat to produce its plant-based meats at a new manufacturing facility being constructed by Zandbergen in Zoeterwoude, the Netherlands. The facility is expected to be completed in the first quarter of 2020. This will lower its transportation while increasing its speed to cater to European customers after a positive response from the consumers in Europe.
Beyond Meat is currently distributed internationally, through distributors in Australia, Chile, the European Union, Hong Kong, Ireland, Israel, the Middle East, New Zealand, South Korea, Taiwan, and the United Kingdom. This has given an edge in the company’s mission of creating nutritious plant-based meats free of soy, gluten, and GMOs that taste delicious and deliver a consumer experience.
On May 2, the company made its public debut on the Nasdaq stock market whereby the shares soared more than 100% in the afternoon trade. The vegan company has turned to the public after struggling in recent times for expansion of its reach and growth accumulation.
The company generates revenues by selling its products like The Beyond Burger, Beyond Sausage, Beyond Chicken and other plant-based meat products to customers mainly in the US. The company expects the demand for its products would continue to accelerate across both retail and foodservice channels as well as internationally.
Meanwhile, during mid-May, research agency Citron Research tweeted that the company was “beyond stupid”. The agency believed Beyond Meat to be the most heavily traded retail stock on Robinhood with a market cap now bigger than the industry and superior competitor coming soon to market. Citron expects Beyond Meat stock to return to $65 on earnings and retail exhaustion.
Also read: Why Beyond Meat valuation is beyond logic
The competition in the segment has been increasing that could hamper Beyond Meat’s lofty ambitions of growing at an annual rate of 40% for the next 10 years. In fact, Tyson Foods (NYSE: TSN) has been experimenting with lab-processed meat, which could pose a greater threat to Beyond once it reaches the market. Apart from this, competition has been rife from rival Impossible Foods and Hormel Foods (NYSE: HRL).
Shares of Beyond Meat ended Thursday’s regular session up 1.12% at $98.59 on the Nasdaq. The stock has risen over 49% since its IPO on May 2, 2019.
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,