Beyond Meat feeding frenzy pushes value above US$5 billion

Beyond Meat shares have now seen gains in eight of its only 11 trading sessions as a public company, and has extended its post-IPO surge to 275%. (Bloomberg pic) 

NEW YORK: Beyond Meat Inc bulls are clearly in control this week, with shares surging for a fourth consecutive day.

The stock rose another 8% on Thursday, rising to US$93.60 at 10.19am in New York, giving the company a market valuation of US$5.5 billion.

The stock has now seen gains in eight of its only 11 trading sessions as a public company, and has extended its post-IPO surge to 275%.

The faux-meat maker’s value is rapidly approaching the US$7.2 billion market capitalisation of a more traditional meat supplier in Pilgrim’s Pride Corporation.

A surge in bearish bets has not stopped buyers from loading up on shares.

Beyond Meat’s short interest stands at 43% of shares outstanding on Thursday, according to financial analytics firm S3 Partners.

The recent IPO is now among the top 20 most-shorted US companies, data show.

Beyond Meat is the second-best performing IPO in the US this year, only trailing Shockwave Medical Inc, according to data compiled by Bloomberg.

It has raced ahead of this year’s highly anticipated debuts, leaving Uber Technologies Inc and Lyft Inc behind.

Both ride-sharing firms remain in negative territory since coming to market, down 6.7% and 24%, respectively, since their IPOs.