- Plant-based foodmaker Beyond Meat gained nearly 10% on Tuesday.
- The company expanded its footprint at Walmart from 800 stores to 2,400.
- Shares of Beyond Meat hit a new 52-week high of $170.45.
Shares of Beyond Meat Inc (NASDAQ: BYND), a maker of plant-based meat-alternative food products, gained nearly 10% on Tuesday after the company said in a press release it expanded its presence at retail giant Walmart Inc (NYSE: WMT).
Tripling in size
Beyond Meat said in a Tuesday press release that the world’s largest retailer agreed to carry its plant-based products at 2,400 stores in the U.S. as soon as next week. This marks an increase of three-fold from the current 800 stores.
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The increased exposure immediately follows Beyond Meat’s successful “Cookout Classic” value pack it launched in the Summer. In response to poor sales to restaurants due to the COVID-19 pandemic, Beyond Meat quickly adapted in the grocery segment to gain new clients by offering value packs.
Beyond Meat’s relationship dates back to 2015 before Beyond Meat was a public company. At that time, the company only sold frozen products but has since expanded to the fresh meat aisle.
Today, Beyond Meat sells a plant-based alternative to burgers, sausages, and breakfast sausages. Approximately 112,000 retail locations and foodservice outlets across 85 countries sell one or more of Beyond Meat’s products.
“Walmart has been a terrific partner and we’re excited to strengthen that partnership in depth and breadth as we look to offer more Beyond Meat products at more Walmart locations, furthering our commitment to increasing accessibility of plant-based meat,” said Chuck Muth, Chief Growth Officer, Beyond Meat.
Why the increased demand?
Beyond Meat promotes its food products as a healthier alternative to red meat but with a similar look and taste. The Beyond Burger, for example, includes 20 grams of protein, 35% less saturated fat than a traditional beef burger, no cholesterol, antibiotics, or hormones.
Plant-based food requires much fewer resources in terms of land and electricity compared to the beef industry.
Beyond Meat highlighted in its press release the latest four-week SPINS data (ending early September) that found it is the top-selling brand in the refrigerated plant-based meat category.
Stock reaction: new 52-week high
Beyond Meat’s stock hit a new 52-week high of $170.45 on Tuesday and closed the day at $165.66. The stock is up approximately 120% since the start of 2020 and up around three-fold since its March lows of $48.18.
However, the stock still has a lot of catching up to do to reclaim its all-time high of $239.71 shortly after investors rushed to buy shares after its 2019 initial public offering.