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Shares of Beyond Meat moved higher Monday morning as the stock continues to exceed expectations following one of the most successful public debuts so far this year.
Beyond shares jumped as much as 34%, hitting $186.43 per share — a fresh all-time high, and well above its initial public offering price of $25 per share.
Since it began trading publicly May 2, the stock has soared more than 560%. It now has a market value of about $10 billion. The name's unusual surge has made it the target of short sellers.
Last Thursday, the company said demand for its products drove revenue up 215% to $40.2 million, but it posted a net loss of 14 cents per share on a pro forma basis. It is forecasting full-year revenue of more than $210 million, although analysts believe that the projection is conservative.
The global market for plant-based meat substitutes is expected to reach $22.9 billion by 2023, but more suppliers are planning to enter the market soon, including Big Food players like Nestle and Tyson Foods.