Beyond Meat Is Rocketing Higher, Beyond Meat’s Stock Jumps Following First-Ever Earnings Report, Plant-based burger maker. Beyond Meat beats forecasts in 1Q, shares soar over 20 percent. Beyond Meat top choice for Wall Street after bullish results. Shares of Beyond Meat Inc surged 27% on Friday after the vegan burger maker forecast that sales would more than double overall in 2019 after they tripled in the first quarter.
The company’s stock, which has a market value of $7.8 billion, is up more than 400% since it went public at the beginning of May. On Friday, its shares touched $136.81, an all-time high. “We’re being very conservative,” CEO and president Ethan Brown said. “I view this as a floor.” Management addressed everything investors wanted, including: production capacity, product cost, competition and growth.
Anticipation was high ahead of Beyond’s report, as investors waited to find out how the much-hyped company that makes plant-based protein has been performing. Shares jumped about 22% after hours, putting it above nearly five times its IPO price of $25 per share. Beyond Meat expects 2019 revenue to more than double to $210 million.
Reports of a potential breakthrough in talks between U.S. and Mexican officials Thursday in Washington helped Wall Street edge higher in the final hours of trading, with Vice President Mike Pence calling the second day of meetings ""encouraging" and describing "some movement" on the part of the Mexican side. Its forecast did not include the current trials Beyond Meat is undertaking with fast-food chains such as Canada’s Tim Hortons, Del Taco and Carl’s Jr.
Brown said the company is in the testing phase with several fast-food chains but did not say which ones. Burger King has already partnered up with Impossible Foods. McDonald’s, meanwhile, has not teamed with a plant-based meat company as of yet.