- NASDAQ:BYND gained 3.32% as broader markets continued to surge.
- Beyond Meat provides local restaurants with patties to offer free meat-free alternative breakfast sandwiches.
- A looming IPO from a rival could add some spice to the alternative meat industry.
NASDAQ:BYND has started to bounce back from a tumultuous end to 2020 as the stock saw a near 16% drop in its price levels over the last month. On Tuesday, shares gained 3.32% as the global markets rebounded ahead of an anticipated stimulus package from the American government that should help keep the economy afloat during the ongoing COVID-19 pandemic. Beyond Meat is still negative over the past 52-weeks and is trading well below its 50-day and 200-day moving averages as the stock continues its downward trajectory into 2021.
To help give the struggling restaurant industry a boost, Beyond Meat has provided dozens of small businesses around the country its products to offer free meat-free alternative breakfast sandwiches to start 2021. The new year is often a time where people make new resolutions to eat healthier and dedicate more effort into improving their health, so Beyond Meat is capitalizing on this while also helping to prop up restaurants who have barely made it through the pandemic. Beyond Meat needs all the good publicity it can get after yet another recent analyst downgrade that is battering its Wall Street credibility.
BYND stock forecast
It is difficult to see where Beyond Meat will go in 2021, but the current trajectory sees the stock continuing to fall as the novelty seems to be wearing off. There is also the imminent IPO of chief rival Impossible Foods which has stated it is looking to go public at some point this year. While this should not necessarily affect Beyond Meat’s performance, there was an appealing angle where it was the only stock to own for the plant-based meat sector until now.
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