The Beyond Meat (NASDAQ:BYND) stock has been one of the stars of the week so far and has managed to clock gains of 50% so far.
Yesterday, the stock surged after the host of the CNBC show Mad Money, Jim Cramer suggested that the investors from the influential Reddit community WallStreetBets should target the stock of the plant based meat developer next. Considering the fact that Reddit investors have been able to trigger significant gains in stocks like AMC and GameStop in recent days, the comment sparked fresh interest in Beyond Meat.
In this regard, it is also necessary to note that banks are now paying close attention to the stocks which have been generating interest among WallStreetBets investors. Bank of America has been keeping a closer watch on the community and yesterday, it stated that the ‘meme stock’ trend is expected to continue. The bank cited high savings rates, time at home and zero commission trading as some of the factors.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.