Beyond Meat stock rebounds, 'meatier Beyond Burger' rolls out
Beyond Meat’s (BYND) signature patty is about to get a bit meatier.
“The meatier Beyond Burger features marbling designed to melt and tenderize like traditional ground beef,” the company stated on a June 11, adding: “Peas, mung bean and rice provide the protein, beets provide the meaty red hue, and coconut oil and cocoa butter provide melty, mouthwatering marbling that creates a juicy texture that is closer to traditional ground beef than ever before.”
The company said that the new patties would be rolling out nationwide immediately.
CEO and founder Ethan Brown added that "the new Beyond Burger is the next step in our journey toward building meat directly from plants that delivers a consumer experience indistinguishable from its animal protein equivalent.”
Yahoo Finance’s Dan Roberts questioned why the increasingly popular plant-based alternatives to meat are striving to be convincing meat dupes.
Roberts argued that consumers “buy and eat these meatless patties specifically because they like the alternative. They don't want to eat meat, whether it's the taste, whether it's ethics, whether it's better for the environment” (video above).
Beyond expectations
After going public on May 2, Beyond Meat has soared 572%. But analysts have begun to pull back on the plant-based food company this week.
Both Bernstein and JPMorgan have downgraded the stock on valuation concerns. The stock dropped more than 20% on Tuesday after the notes were published, and then gained 12% as of Wednesday’s close.
Bernstein cited the “highly volatile” trading of BYND since its May 2 initial public offering, downgrading the stock from Outperform to Market Perform with a target price of $123.
JPMorgan Chase analyst Ken Goldman slashed his rating on shares of Beyond Meat to Neutral from Overweight, citing concerns that the stock is too expensive. Goldman gave a target price of $121.
Katie is an associate editor at Yahoo Finance. Follow her on Twitter.
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Beyond Meat shares tumble after JP Morgan downgrades the stock
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