A favourable boost to Beyond Meat Inc. (NASDAQ: BYND) came this week through a Jefferies recommendation. At the previous market close, the closing stock price was $148.11, with a volume of 4.0 million. Compare that to its average daily volume of 4.45M. Based on the current stock market value of $139.17, 62.82M shares are outstanding.
Rob Dickerson, an analyst at Jefferies, believes Beyond Meat demonstrates a sound capital structure and holds a pioneering position in the plant-based meat market. Besides, he noted that Beyond Meat products are now available in more stores, especially Walmart Inc. (NYSE: WMT). In the coming months, Beyond Meat plans to build a new research facility near LAX soon. Among its other activities, this center will develop partnerships, i.e., to create the menu of restaurants and product lines of packaged products.
As a result, Jefferies continues to recommend holding shares of BYND. This comment caused investors to perceive it as bullish, leading to a boom in BYND stock. As a whole, the recommendation would be more likely to consider the future Beyond Meat partnership potential.
Growing Beyond Meat’s audience can be one of the drivers of sales growth. In a step towards this aim, the BYND stock has partnered with McDonald’s Corporation, PepsiCo, Inc., and YUM! Brands, Inc., which owns the famous brands KFC, Pizza Hut, and Taco Bell.