With Beyond Meat (NASDAQ:BYND) stuck in a multi-week downtrend, the time has come to buy the dip in BYND stock.
Beyond Meat has scored multiple restaurant partnerships to expand its retail presence. Despite all that, BYND has been experiencing some rather weak Wall Street price action.
But as far as partnerships go, Beyond Meat’s most recent partnership is with Hopdoddy Burger Bar.
The Texas-based restaurant serves up fresh, high-quality food in its plentiful Texas locations, as well as in its restaurants in California, Arizona, Colorado and Tennessee. And Hopdoddy’s partnership with Beyond Meat will see the former replacing all of its plant-based meat with Beyond Meat.
This partnership follows in the wake of Beyond Meat gaining a permanent presence in Pizza Huts throughout the United Kingdom, launching products on China’s JD.com (NASDAQ:JD) store and making its way into Panda Express in the form of plant-based orange chicken.
Concurrently, Beyond Meat continues to innovate in its product portfolio and is well ahead of the competition in terms of creating a variety of plant-based meat products. Most recently, Beyond Meat launched Beyond Chicken Tenders at restaurants nationwide.
The Bottom Line on BYND Stock
There is a big risk to Beyond Meat’s narrative at the current moment — Covid-19. The resurgence of the virus could have a profound negative impact on restaurant traffic.
For example, McDonald’s (NYSE:MCD) is once again mandating masks for customers and staff. And New York City is requiring proof of vaccination for customers who wish to dine indoors.
Naturally, restaurant foot traffic will see a decline. And with a not insignificant amount of Beyond Meat’s success depending on whether restaurants can dole out their products to consumers, BYND will likely continue to be adversely effected.
But we see these pains as being ephemeral in nature. The impact from Covid-19 won’t persist in the long term, and the trend towards alternative meats and health food options will persist despite the pandemic.
When the tide ultimately turns, Beyond Meat, with all its new partnerships and products, will be in a golden position. It will be primed to experience rapid growth, and BYND stock will appreciate meaningfully.
That’s why BYND is one of my favorite stocks to buy in what I call the “Plant Power” megatrend.
But it’s just one on my top stocks to buy as part of an alternative consumption wave. My focused picks in this megatrend represent the cream-of-the-crop when it comes to companies that are riding a rising tide of shifting consumer attitudes and changing laws.
These companies are paving the way for a new class of food and drugs that will fundamentally alter our consumption and treatment habits in the 2020s.
To learn more about my lineup of hypergrowth cannabis, shroom and plant food stocks, click here to subscribe to Innovation Investor.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.