Shares of Beyond Meat (BYND 4.39%) were moving higher this week as a meme-stock rally seemed to return in the stock, with traders calling for a short squeeze.
That was enough to engineer a pop in the stock on Wednesday, and as of Thursday's close, the stock was up 17% for the week, according to S&P Global Market Intelligence.
Image source: Beyond Meat.
What happened with Beyond Meat
Beyond Meat stock soared back in October as a group of traders on social media stock briefly sent the stock up more than 1,000% seemingly on a short squeeze, and this week's price action seemed to resemble that.
The stock jumped 11% yesterday on high volume after gaining on Tuesday as well.
Yesterday's rally seemed to begin with a trader on X posting that they had bought 1.5 million shares of the stock for a little less than $1.5 million. That seemed to encourage more traders to buy the stock.
NASDAQ: BYND
Key Data Points
What it means for Beyond Meat
Volatility in Beyond Meat stock is likely to continue, as it has become a meme stock, but the underlying business still appears to be struggling.
In the third quarter, revenue fell 13.3% to $70.2 million, and it reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $21.6 million.
Given that trajectory, this stock still looks best avoided.
