Beyond Meat shares surge 146% amid meme stock craze

Beyond Meat’s stock skyrocketed over 146% on Tuesday, its best day ever, following a 127% surge on Monday. 

The rally began after Roundhill Investments added the plant-based meat company to its Roundhill Meme Stock ETF (MEME), drawing intense attention from retail traders.

The surge intensified when Beyond Meat announced a deal with Walmart to expand its products across more US stores. The move triggered a major short squeeze, as nearly 63% of its available shares were sold short, according to FactSet.

The stock, which traded below $1 just last week, now sits around $2 per share. Once valued above $230 per share after its 2019 IPO, Beyond Meat had become a penny stock before this week’s rally reignited its meme-stock status.

The recent attention from retail investors is due to Dimitri Semenikhin, who has been talking about his bullish outlook for the stock. He is known as Capybara Stocks on social media.

Semenikhin has bought 4% of the company’s stock, he told Business Insider.

Analysts see the comeback as both speculative enthusiasm and a warning of froth in the current market.