Beyond Meat (BYND) Stock Surges 40% This Week: A Breakout Coming?

Plant-based meat manufacturing company Beyond Meat (NASDAQ:BYND ) has had a fairly good week so far and has seen its stock soar by 40% so far. The rally continued this morning as the Beyond Meat stock jumped by another 14%.

Beyond Meat (BYND) Stock Surges 40% This Week: A Breakout Coming?

The reason behind the fresh optimism about the stock lies in the bullish ratings from Wall Street analysts. Earlier on in the week, an analyst at the firm Bernstein gave the stock a double upgrade and moved the rating from Underperform to Outperform.

Related:  Is Castor Maritime Inc (CTRM) Stock Setting Up For a Quick Bounce

In this regard, it is also important to note that the firm CFRA had also rate the Beyond Meat stock as Outperform last week. The latest bullish sentiment regarding the stock is tied to the fact that the Beyond Meat stock could prove to be a strong reopening play. As the country reopens following the coronavirus pandemic, food service industry is also expected to rebound and that can come as a big boost for Beyond Meat.

At the time of writing, BYND stock is up by 13.75% to $144.16.

Related:  Lordstown Motors (RIDE) Corrects Sharply This Month: A Good Opportunity?

 

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.