The 3 Best Vegan Stocks to Buy in May 2024


Editor’s Note: This article was updated on July 8 to reflect that SunOpta does produce some meat-based products in addition to its plant-based portfolio. 

  • Do good and make your portfolio happy with these best vegan stocks to buy.
  • Oatly (OTLY): Oatly’s diary product alternatives command a massive addressable market.
  • SunOpta (STKL): SunOpta enjoys resounding analyst support.
  • Beyond Meat (BYND): Beyond Meat is utterly hated but continues to hold a critical support line.
Best Vegan Stocks to Buy - The 3 Best Vegan Stocks to Buy in May 2024

Source: Nina Firsova /

Doing right doesn’t have to come at the cost of shareholder profitability as these ideas for best vegan stocks to buy may demonstrate. Yes, veganism might be an odd practice for many Americans. Still, it’s growing steam as we speak.

Want to know why you should consider this burgeoning space? Young people – defined as those falling between the ages of 18 and 34 – are more attuned to sustainability concerns, such as animal welfare, climate change and overall health and wellness.

They (as the emerging consumer group) are choosing to prioritize sustainability. As an ideologically agnostic investor, you go where the money goes. With that, below are the best vegan stocks to buy.

Oatly (OTLY)

otly stock Rolled oats or oat flakes in bowl with wooden spoons
Source: Vladislav Noseek /

Oatly (NASDAQ:OTLY) specializes in dairy product alternatives made from oats. It’s perhaps best known for its oat milk, along with many other products. According to the National Institutes of Health, while most infants can digest lactose, as humans grow older, they incur lactose malabsorption or the reduced ability to digest lactose.

Here’s the thing: experts estimate that about 68% of the world’s population has lactose malabsorption. Now, I’m no expert in math but 68% represents a global majority. In other words, Oatly enjoys a massive total addressable market. Cynically, should this trend exacerbate – as in more lactose malabsorption incidences – then OTLY could easily fly higher.

Granted, the market doesn’t see it that way and that’s the risk factor with Oatly (among others). Over the past 52 weeks, shares dropped more than 45% of equity value. That’s not a good look at all. Plus, with a price just a few cents above a buck, it’s almost a literal penny stock, warranting extreme caution.

Still, if you look at these global numbers, it’s hard not to get excited about OTLY. It’s one of the best vegan stocks to buy for speculators.

SunOpta (STKL)

Vegetables and fruits are scattered over a white background.
Source: Shutterstock

Based in Eden Prairie, Minnesota, SunOpta (NASDAQ:STKL) engages in the manufacturing and sale of plant-based and fruit-based food and beverage products in the U.S., Canada and other international markets. Per its public profile, SunOpta provides plant-based beverages utilizing oat, almond, soy, coconut, rice, hemp and other bases under the Dream and West Life brands. Investors may want to note that SunOpta does produce some products, such as its broths, that are meat and bone based.

What makes STKL one of the best vegan stocks to buy? Frankly, many investors will begin (and probably end) the discussion with the analyst rating. SunOpta enjoys a rare unanimous strong buy from six expert voices. Further, the average price target stands at $9.40, implying over 66% upside potential. The high-side target rises to $10, projecting 77% growth.

Further, analysts anticipate solid fiscal expansion over the next two years. In fiscal 2024 and 2025, they’re targeting earnings per share to hit 13 cents and 26 cents, respectively. Last year, the company posted earnings of 8 cents per share.

On the top line, experts forecast revenue of $684.15 million in 2024 and $757.74 million in 2025. In 2023, SunOpta generated sales of $630.3 million. It’s a great idea for best vegan stocks to buy.

Beyond Meat (BYND)

Editorial photo on Beyond Meat (BYND) theme. Illustrative photo for news about Beyond Meat - a producer of plant-based meat substitutes. BYND stock
Source: photo_gonzo /

Let’s end on a risky and perhaps controversial idea with Beyond Meat (NASDAQ:BYND). While plant-based meat is nothing new, Beyond Meat arguably brought this concept into a whole new light. I’ve tried it before as a skeptic and I must say the product is pretty good. However, fake meat tends to be the more expensive option than the real deal, which is tough pill to swallow.

Unsurprisingly, BYND carries a moderate sell rating, which makes it controversial. No analyst has bothered to stick the neck out with a buy rating. Instead, the assessment breaks down as four holds and five sells. It really doesn’t get much uglier than that. Further, the $6.07 average price target implies downside risk of 26%.

After falling nearly 33% over the past 52 weeks, both the rating and the target represents a hard kick in the “sensitive” area. As you can tell from the charts, BYND is hurting, especially following a disappointing earnings print and guidance.

However, credit must be given where it’s due. In October 2023, February 2024 and April 2024, BYND suffered pronounced dips. Yet it has really held onto the $6 support line. I’m definitely not saying it’s a buy but maybe keep an eye on it.

On the date of publication, Josh Enomoto 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 Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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