Wall Street is eating up Beyond Meat.
Shares of the meat alternative company skyrocketed in early trading today shortly after they debuted on the Nasdaq. After setting its price at $25 a share, Beyond Meat opened at $46 and then saw even more significant growth, skyrocketing as high as 135%, as CNBC reported.
Shares were paused briefly due to volatility fears but have since resumed. They broke the $60 mark before leveling off in midday trading.
How long will it last? That’s anyone’s guess, but the performance appears to have taken many spectators by surprise. In its S-1 filing last week, Beyond Meat warned that it may never sustain profitability, and in fact it has never been profitable. The company reported losses of $30 million in 2018.
Still, the plant-based food industry is poised to go mainstream (any day now),and Beyond Meat may very well prove to be a breakout stock in a sea of shinier tech IPOs this year.