Los Angeles plant-based meat producer, Beyond Meat, saw an amazing 600% surge in stocks after its initial public offering back in May 2019.
Despite the ongoing trade war between China and the United States, the company manages to close down stock at 0.66% last July 6, 2019. During the risk-off days when investment activities are affected due to the trade war, most company stocks go south due to economic patterns. However, this isn’t the same with Beyond Meat as stocks went positive.
According to CNBC, the reason for the higher shares can be traced back to its revenue coming from domestic sales.
Meanwhile, some of the names in the stock market who are greatly affected were Dow Jones Industrial Average, which plunges 760 points, S&P 500 which dropped to 2.9% and the Nasdaq Composite which fell to 3.4%. Given that President Trump is continuing to clash with China and ended up putting 10% more tariff on the remaining $300 billion Chinese imports, more companies will suffer.
Apple is another big corporate entity which continues to bleed due to this on-going war. In fact, last July 5, 2019, the company’s stocks fell to 5.2%, a huge decline to its third consecutive trading session.
Beyond Meat, on the other hand, is ecstatic on the stock shares, hence, investors and company employees who bet on the company rejoice. The Market Watch reports a total of $7.2 million stock sold during the secondary offering.
The stock price is at $160, which is more than twice its initial offer back in May. Stock analysts figure that this price will still climb to more than $200 per share due to a wave of short-selling.
Beyond Meat’s market value is $87,934,000 and has a net income of $29 million.