Investors just seem to love fake meat. On Thursday, the vegetarian burger and sausage maker Beyond Meat debuted on the Nasdaq, and the stock soared. By the end of its first day of trading, the price increased over 2x—closing at $65.75 after being set at $25.
Now, BYND’s first morning after seems to be going quite well, too. In after-hours trading Thursday night/Friday morning, the stock price went as high as $72. It is now down to about $67.95. That’s still over 3% up from its close.
Beyond’s impressive stock performance is certainly something to keep an eye on. As MarketWatch points out, it’s the biggest IPO pop for a company with a market cap larger than $200 million that Wall Street has seen since the year 2000. The company that made that last big debut 19 years ago? Palm.
The question remains whether Beyond can maintain this momentum. While it was a highly anticipated IPO (one of many), the company still carries many risks. For one, it has yet to turn a profit, and it has warned that it may be a while until it does so. We’ll see if investors begin to cool on the BYND stock, or if they remain enthusiastic about a public company with a comparatively clear business model.