Beyond Meat (NASDAQ:BYND) stock dramatically outperformed a strong market last month by rising 49% compared to a 13% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.
The rally put the growth stock's shares well ahead of the broader market so far in 2020 -- up 21% through early May.
Investors gained confidence in Beyond Meat's business in recent weeks. The plant-based meat substitute producer recently struck a major deal to bring its products to Starbucks locations across China. Wall Street is also betting that the COVID-19 pandemic might open the door to further market share gains against entrenched meat producer rivals, like Tyson Foods, which are struggling to keep their supply chains from breaking.
Beyond Meat is reporting its first-quarter results after the market closes on Tuesday, May 5, and the company is expected to announce a more than doubling of year-ago revenue to about $86 million. It should report another net loss, though, which will keep the investor focus on profitability, as well as market share, for the foreseeable future.