Beyond Meat shares soar on planned Walmart distribution
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FILE PHOTO: A guest wears a hat during the Beyond Meat IPO at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid/File Photo
NEW YORK (Reuters) -Shares of Beyond Meat leaped more than 80% in active trading on Tuesday after the U.S. plant-based meat maker announced plans to expand distribution into Walmart stores.
Beyond Meat said some of its products, including its "Beyond Burger 6-pack" and "Beyond Chicken Pieces," will be available in 2,000 Walmart stores nationwide.
The company's shares jumped as high as $2.91 following the news, giving it a market value of about $1.5 billion and putting it on track for a fivefold surge from last Thursday's close of 52 cents.
More than 1.2 billion Beyond Meat shares changed hands on Tuesday. The stock is one of the most watched on Stocktwits, a platform popular among amateur traders.
Five out of eight analysts covering Beyond Meat rate the stock "sell" or "strong sell" while three recommend holding it, with a median price target of $2.42 per share, according to LSEG data.
(Reporting by Chibuike Oguh in New York; Editing by Richard Chang)
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