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Social media buzz and high short-interest have driven spectacular gains in Beyond Meat, Inc. (NASDAQ:BYND) stock this week. But, has the fierce rally already fizzled — or will intense retail investor interest bring it back?
Retail traders and social media fueled the meat-alternative stock rally, and Ivan Cosovic, managing director of the data group Breakout Point, pointed to some of Beyond Meat's meme-like characteristics.
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“Loss-making, heavily shorted, meme-able ticker and easy to understand, the classic meme cocktail,” said Cosovic, cited by Reuters.
“BYND now has hundreds of mentions across retail channels. Whether this goes to infinity and BYND or just serves up another slice of fake-meat humble pie, retail is clearly having meme-fun again,” he said.
More than two billion Beyond Meat shares changed hands on Wednesday, with the stock up 112% at $7.69 in mid-morning trading.
The fever broke around 11 a.m. ET and the stock began falling — quickly — and by 1 p.m. ET Beyond Meat was in the red.
Shares recovered slightly and Beyond Meat ended the day down by only 1.1%. However, the selling picked up speed after Wednesday's closing bell.
Beyond Meat stock was down 21% at $2.82 in Wednesday's extended trading session, according to data from Benzinga Pro.
Beyond Meat could see sharper price swings, with retail investors likely to continue driving volatility following the week's meme-fueled rally and heavy trading volume.
Market watchers will watch updated short interest data and any new posts in investor forums, as another wave of hype or negative sentiment could quickly change the stock's direction.
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Photo: Shutterstock
Posted In: BYND
