Social momentum is affecting Beyond Meat (NASDAQ:BYND) for now, but BYND stock’s solid foundation will carry it to long-term success.
Usually, the future of meme stocks looks bleak. But every so often a promising stock gets a social boost. BYND is one of these promising stocks caught up in the current craze.
However, meme stock or not, BYND is going places.
Meme or Not, Here Comes BYND Stock
BYND stock has shot up over 35% in the past month. Some of this recent upward momentum can likely be attributed be due to its trendiness as a meme stock on Reddit.
Everybody knows meme stock hype can’t persist for any single stock indefinitely. It’s impossible. So, we’ll likely see Beyond Meat’s stock pull back some in the near term.
When this happens, buy the dip.
Beyond Meat is an incredibly sound company with robust fundamentals.
The world is shifting towards plant-based meat for various reasons. Some are making the change for environmental reasons. Others have decided to opt for meatless meals for dietary or ethical reasons.
In fact, in 2019, research showed that roughly 90% of Americans partaking in the consumption of non-meat substitutes were not vegetarian or vegan. If only 10% of Americans are abstaining from non-meat consumption, then the meatless market clearly has room to grow to meet demand. And that doesn’t even account for the global audience that is following this trend as well.
More people are open to trying alternatives, and the alternatives keep getting better and better.
Beyond Is Front and Center
Beyond Meat is at the epicenter of this mindset and dietary preference shift. They have the best tech, the best brand and the most reach. Long-term, this company has a ton of potential to disrupt the way we eat.
And their near-term potential looks great too.
Their business momentum is accelerating internationally. Recent expansion includes Beyond Meat partnering with KFC in both China and California. In China, the food duo have collaborated to release a plant-based spicy beef-wrap. In the United States, KFC has offered “Beyond Fried Chicken” to customers in select markets. And later in July, parts of California will get in on the fake fried chicken fun as well.
On top of this, restaurants and the rest of society are reopening. Folks are going back out to eat, and they’re being greeted by a panoply of plant-based meat that hadn’t existed pre-pandemic. This will create a huge sales lift for Beyond Meat.
This valuation is tangible. We expect an upside to $200 in 2021.
Plant-based meat is here to stay, but BYND stock meme traders aren’t. Wait for an opening, the impending post-hype dip, and then invest in the future of food.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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