Beyond Meat extends its post-IPO tear to 550% after report of Impossible Burger shortages
- Beyond Meat shares are continuing their upward momentum following a report about Impossible burger shortages Friday.
- Restaurant partnerships are becoming increasingly important for plant-based meat alternative companies.
- Beyond stock traded higher after Tim Hortons announced its Beyond breakfast sandwiches were available in Canada.
- Watch Beyond Meat trade live.
Shortages of a plant-based meat competitor are sending Beyond Meat higher.
Shares of Beyond Meat were up more than 6% in pre-market trading Monday, continuing momentum from a report Friday that said restaurants such as Red Robin and White Castle had experienced Impossible Burger shortages.
Impossible Foods, a privately held company, is a major competitor to Beyond Meat. Other companies, including Tyson Foods and Nestle, have recently jumped into the plant-based meat alternatives market, hoping to capture some of the estimated $140 billion it could be worth in the next decade.
Partnerships with restaurants - a large part of the growing demand for plant-based meat - are turning out to be crucial to Beyond's success as the field gets more crowded with competition. When Tim Hortons announced that Beyond breakfast sandwiches would be available across Canada, it sent the company's stock up as much as 16%.
Analysts at JPMorgan have said Beyond's stock price could see a boost up to 30% if it were to secure a partnership with McDonald's, similar to Impossible Foods work with Burger King to launch the Impossible Whopper.
Beyond Meat shares are up more than 550% since the company's IPO in early May.