Beyond Meat stock was at $16.59 as of 12:43 PM EDT on Wednesday.
Beyond Meat stock (NASDAQ: BYND) increased after Yum! Brands, the parent company of Taco Bell, announced a partnership. The good news is much needed by the plant-based meat company.
On October 13, a limited number of Taco Bell restaurants in Ohio will begin serving the Beyond Carne Asada Steak, according to a statement released on Wednesday by Beyond Meat and Yum! According to a news release, the Carne Asada Steak can be added to any Taco Bell menu item and will be offered in a quesadilla for the same price as a standard steak quesadilla.
Dariush Ajami, chief innovation officer at Beyond Meat, stated in a press release, “We know that people are yearning for diverse protein options that are healthier for the planet without compromising on flavor, so we’re tremendously happy to unveil our brand-new, creative Beyond Carne Asada Steak.”
Beyond Meat stock outlook
The price of Beyond Meat stock increased 7.7% on Wednesday to $17.26, approaching its highest percentage gain since August 5. The year has been challenging for Beyond Meat. The stock has plunged 85% from its 52-week closing high in September 2021 and 73% in 2022. Even though there is a rising demand for meat and dairy substitutes, the company released poor second-quarter results and a bleak full-year outlook. Since Chief Operating Officer Doug Ramsey was detained for allegedly striking another guy and biting his nose, the stock has struggled with management concerns and touched an all-time low this week.
Beyond Meat To Cut Workforce After Q2 Losses
The Chief Operating Officer of Beyond Meat, Doug Ramsey, has been suspended with immediate effect. Jonathan Nelson, Senior Vice President, Manufacturing Operations, will lead operations activities on an interim basis, the business stated in a statement.
It’s obvious that the business was due for some good news. However, this is not the first time that Beyond Meat (NASDAQ: BYND) has disclosed a collaboration with a significant fast-food company. In 2021, McDonald’s (MCD) announced that it would trial the McPlant sandwich in a few U.S. restaurants for a brief period of time. McDonald’s eventually put an end to its McPlant Burger venture.
In a research note, Piper Sandler analyst Michael Lavery said that he is “given up on a nationwide U.S. McDonald’s launch.” There may be more development going on behind the scenes than we are aware of, according to Lavery, who noted that we do not have much visibility into Beyond’s connection with partners like McDonald’s. Since the McPlant test was completed, he continued, “no more news has come.”
Lavery lowered his 12-month price objective for the stock from $9 to $8 and gave it an Underweight rating.
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Author Jowi Kwasu