The stock price of Beyond Meat (NASDAQ: BYND), a revolutionary food company offering plant-based meats, soared as much as 34 percent on Monday.
BYND shares traded as much as $186.43 each at one point and then ended the day at a price of $168.10 each, still up by 21.24 percent. Beyond Meat’s market capitalization is now more than billion, according to data from Google Finance.
Since its initial public offering (IPO) last month, the food company’s shares already gained 572 percent. Its IPO price was $25 per share.
Obviously, investors are excited and optimistic about Beyond Meat’s stock performance, which was driven by its first quarter financial results.
Beyond Meat reported strong demand for Beyond Burger
Last week, Beyond Meat reported net revenues of $40.2 million, an increase of 215 percent in the first quarter. The company said its revenue growth was driven by a strong demand for its Beyond Burger from existing and new strategic customers.
Its net loss was $6.6 million or $0.95 per share compared to $5.7 million or $0.98 per share in the same period last year. The company explained that its net loss increased because its operating, interest and non-operating expenses were higher.
