Wall Street has fallen in love with Beyond Meat, Inc. [NASDAQ: BYND] and this stock has been on a bullish trend. I released an article on BYND just recently when it was trading around $97.50 (see here) and from the looks of it pre-market this stock is on a big move. There is no telling where BYND will open when the bell rings today at 9:30 eastern time, however it is trading right now at about $125 in pre-market trading.
This maker of Vegan burgers seems to be moving from strength to strength each quarter. In Q1, the company announced a huge increase in revenues. Revenues stood around $40.2 million, much higher than its revenues in Q1 of 2018, when the company had revenues of about $12.8 million. This has beat analyst expectations, as they were expecting net revenues of roughly $38 million. The company expects to make ballpark total revenues of $210 million this year, up from its earlier projection of $205 million. These are indicators that the market continues to receive this company’s products positively, as an alternative to meat burgers.
These results also seem to have been received well by the market. As mentioned above, in pre-market trading, Beyond Meat is up by about 26%, which makes it one of the hottest stocks in the day. If it opens the day’s trading at pre-market levels, it is likely to trade in bullish territory on Friday trading. That’s because, it will have broken above Thursday’s high of $105.50 and the all time high of $108.67, which are the key resistance levels on the daily chart. Anything above these levels would be a signal to a possible bullish rally in the short-term. More long term, Beyond Meat, has been on a bullish uptrend on the daily chart. Given that it has broken above both of these levels in pre-market, sustaining above it today would be confirmation that bulls are in control. It will be a continuation of a long-term trend after a bullish consolidation between the $90 to the $108 range.
From the books, this company’s revenues add to the bullish sentiment around this stock. Its quarterly revenue growth (yoy) stands at about 175.20%. This is a sign of strength in terms of this company’s value proposition and the growing number of stores that now sells its products. Growing revenues also helps paint a positive picture for other core fundamentals such as the return on equity for investors. However, it should also be noted that the EPS is still showing very much in the negative.
BYND revenues are getting better, and its stock has been performing well post-IPO.