Beyond Meat (BYND 6.69%) stock posted a day of huge gains on Monday. The meat-alternatives company's share price closed out the day's trading up 41%. Meanwhile, the S&P 500 and the Nasdaq Composite each closed out the session down 0.3%.
Beyond Meat's valuation surged higher today thanks to meme-stock momentum and the company's recent move into new product categories. Despite today's pop, the stock is still down 58% over the last year and 99% over the last five years.
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Beyond stock rises on new products and distribution agreement
Beyond published a press release on April 16 announcing that it had secured a distribution agreement for its Beyond Immerse beverage line with Big Geyser -- a leading distributor of non-alcoholic beverages. The team up will see Big Geyser will help Beyond distribute its new beverage line across retail outlets in the New York region. Big Geyser serves more than 26,000 retail stores across the territory. The beverage distribution announcement came on the heels of an April 13 press release from Beyond announcing the launch of its new breakfast sausage lineup.
NASDAQ: BYND
Key Data Points
Meme-stock momentum also lifted Beyond
Beyond Meat has attracted attention from meme-stock investors and can sometimes see huge valuation swings on relatively little news. In addition to the company's recent product launches, Beyond stock is likely getting a boost from recent bullish momentum for the broader market.
While the S&P 500 and the Nasdaq Composite saw relatively small pullbacks in today's trading, the indexes have seen big gains as concerns related to the Iran war have lessened. With the recent surge in bullish momentum for the broader market, Beyond Meat and some other other meme stocks have seen big gains.
