Beyond Meat (NASDAQ: BYND) stock closed out this week’s trading with a gain of 6.1%. At one point across the stretch, the company’s share price had been up 25.6% from where it stood at the end of the previous week’s market close.
Beyond Meat’s valuation moved higher in conjunction with bullish momentum for the broader market. The S&P 500 index closed out the week up 0.5%, and the Nasdaq Composite was up 1.5%. In addition to positive valuation trends for the market at large, Beyond Meat’s share price also climbed thanks to meme-stock momentum.
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Thanks to an easing of macroeconomic concerns and news that the U.S. and Iran had extended their ceasefire, the stock market saw strong bullish momentum this week. Major indexes went on to set new record highs, and upward trending for valuations across the broader market helped support explosive rallies for some growth-dependent and highly speculative stocks. While there wasn’t any major positive news for Beyond this past week, a favorable market backdrop and a resurgence for meme stock trading helped power gains for the company.
Beyond is in a tough spot and is trying to engineer a turnaround. The company’s sales have been declining, and its gross margins are so low that even more dramatic reductions in operating costs wouldn’t be able to get the business to profitability. Management is looking to new drink lines as a key catalyst that could help reinvigorate the business. While it’s possible that the company will find some success with its new product lines, Beyond stock continues to look very risky despite trading down 99% over the last five years.
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