Beyond Meat (NASDAQ:BYND) stock is rallying higher on Tuesday as investors are hoping for the meat-alternative company’s shares to undergo a squeeze.
These hopes make sense, considering that 25,356,827 shares of BYND stock are shorted. That’s roughly 40.97% of the company’s float. The high short interest makes it a prime target for a squeeze.
Adding to this is the recent interest in pumping up shorted stocks. This comes alongside a rally of meme stocks that started yesterday. That was initiated with the return of Roaring Kitty. This is the trader who initiated the meme stock rally of 2021 with his coverage of GameStop (NYSE:GME) stock.
If 2024 can mimic 2021, it will be good news for meme traders. It would result in several meme stocks rising as they work to push shorts out of them. Today’s movement could be a sign that these traders have added BYND to their list of meme stocks to squeeze.
BYND Stock Movement on Tuesday
BYND stock is experiencing heavy trading today. More than 12 million shares of the company’s stock are being traded as of this writing. That’s already well above its daily average trading volume of about 3.7 million shares.
BYND stock is up 20.1% as of Tuesday morning and 17.5% since the start of the year.
There are even more stock market stories worth reading about below!
We have all of the hottest stock market news investors need to know about on Tuesday! That includes what’s happening with shares of Tupperware (NYSE:TUP) stock, Plug Power (NASDAQ:PLUG) stock and Faraday Future (NASDAQ:FFIE) stock today. All of that news is available at the following links!
More Tuesday Stock Market News
- Is a Giant Short Squeeze Brewing in Tupperware (TUP) Stock?
- PLUG Stock Surges 30% as Plug Power Lands New Dept. of Energy Loan
- Is a Giant Short Squeeze Brewing in Faraday Future (FFIE) Stock?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
