SimpleFX Adds Beyond Meat: It Is Up by 84% This Year and Still Running
We are adding Beyond Meat (BYND.US) on SimpleFX! Beyond Meat, a producer of vegan alternatives for pork, beef, and chicken, is making a lot of noise against the meat industry this year. It experienced a sudden surge in consumers as the coronavirus heavily disrupted the meat supply on a global scale.
As consumers were flocking to meat substitutes, Beyond Meat experienced a 29% increase in shares in May. It earned abundantly in the first quarter of 2020, with a net income of $1.8 million and a 141% revenue year-over-year to $97.1 million. Beyond Meat stocks (BYND.US) is up by 84% to date this year. It is currently trading at $140.55.
BYND.US price jumped last Wednesday after Beyond Meat announced its partnership with Alibaba, one of the largest commerce companies in China. Last week, 50 of Alibaba’s Freshippo grocery stores in Shanghai started selling Beyond Meat’s plant-based burger patties. They plan to expand selling to Freshipoo stores in Beijing and Hangzhou in September. This is huge for the meat alternative producer as China’s meat consumption reaches $170 billion each year. The company is also expanding rapidly in Europe.
Interesting developments are coming to Beyond Meat. We welcome traders to take part in our Beyond Meat trading competition and receive a share in a $500 prize pool. Trade more on BYND.US on July 8–15 on SimpleFX for a higher chance of getting a reward.
Originally published at https://blog.simplefx.com on July 6, 2020.