Beyond Meat shares surge after new sausage product

Investing.com -- Beyond Meat Inc (NASDAQ: BYND) shares surged on Tuesday after it introduced a new version of its meatless sausage for distribution at grocery stores across the country.

Shares rose 12.6% on Tuesday and are up 15.5% so far this year.

The fake meat maker introduced a new version of its Beyond Sausage with an enhanced flavor profile, to be available at more than 15,000 retail stores across the country, including Kroger (NYSE: KR), Albertsons (NYSE: ACI)and Publix.

The company said the product has the taste of traditional pork sausage and is available in brat original, hot Italian and sweet Italian varieties.

According to Briefing.com, the stock move represented a short squeeze, with 45% of Beyond Meat’s float on the short side.

BMO Capital Markets recently resumed coverage of the stock with a Market-perform rating and a $16 price target. The shares traded around $13.94 on Tuesday.

You May Also Be Interested In

• Why Netflix stock is falling and should you buy the dip
• Barclays flags potential winner from Iran peace scenario
• 4 SPE stocks to buy now: Jefferies