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Shares of Beyond Meat are sizzling. They hit another record high Tuesday, days before the plant-based meat maker's earnings report.
The stock is up 720% since its initial public offering in May. Shares hit $208.48 on Tuesday, surpassing its record high of $201.88 on June 18. By midday Tuesday, the stock was trading around $199, giving Beyond a market value of $11.9 billion. On Monday, its stock ended the day up nearly 10%.
Beyond Meat is scheduled to report its second-quarter results on Monday. Analysts surveyed by Refinitiv expect it to post a loss of 8 cents per share on revenue of $52.7 million. After Beyond's earnings report last quarter, its stock soared as high as 23% in extended trading, which hurt investors who were selling the stock short.
Short sellers borrow a stock with the expectation that its price will fall and the investor can repurchase it at a profit.
More than 15% of the shares available for trading in Beyond Meat are sold short, according to FactSet. Some have speculated its recent rally has been fueled by investors getting squeezed out of their positions.
Consumers have also become more conscious about their meat intake, growing the market for imitation meat. According to the NPD group, 18% of Americans are trying to eat less meat.