Shares of Blue Apron surged Tuesday after the meal kit provider said it will add Beyond Meat products to its menus in mid-August in its latest bid to get consumers to order its meals.
Blue Apron's stock, which has a market value of $153.4 million, soared as much as 53% during afternoon trading. Shares finished the session trading at $10.38, up 35% from Monday's close. Last month, the struggling company completed a reverse stock split in order to keep its stock price above $1 and avoid being delisted on the New York Stock Exchange.
The company has struggled to grow a loyal subscriber base and turned to partnerships with brick-and-mortar grocery stores and WW, formerly known as Weight Watchers, to revive its business. The addition of Beyond products follows the lead of restaurant chains like Carl's Jr. and T.G.I. Friday's. And while its WW partnership appeals to dieters looking for a convenient way to eat healthy, plant-based burgers have received mixed reviews from nutritionists.
Beyond's meatless imitations of ground beef, sausage and other meat products are designed to appeal to people looking to reduce their meat intake. These so-called flexitarians are expected to help propel the global market for meat substitutes to $18.7 billion in sales by 2023, according to Euromonitor data.
Beyond Meat's stock, which has surged 582% since its May initial public offering, was up 2% in afternoon trading.
WATCH: How the Beyond Meat burger is taking on the multibillion-dollar beef industry
