One of the biggest gainers of 2019 is Beyond Meat, Inc. [NASDAQ: BYND]. This stock is up by 500% since its IPO. In spite of this huge rally, Wall Street players believe that BYND still has lots of upside potential.
Yesterday, Barclays and Bank of America Merrill Lynch offered positive projections for this stock. Bank of America Merrill Lynch did a social media survey and concluded that there was high consumer interest in plant-based products. In its projections, Barclays has stated that Beyond Meat could hit 4.5% of the alternative meat industry market share, and in the next 10 years, it could control 10% of the world’s meat market. This is a big deal considering that the plant-based meat is currently a $14 billion market, and is expected to hit $140 billion in the next decade. In essence, market leadership in this market could be a big deal to the long-term growth of this stock.
Besides these positive sentiments from Wall Street, Beyond Meat yesterday announced the entry of a former Tesla executive as its COO. The company announced that Shah, a former Tesla executive, was taking up this position effective September 18th. Shah has also worked at the top levels at Amazon Inc.
Nonetheless, there are factors that could impact on BYND shares in the short-term. Yesterday, Tim Horton’s announced that it was pulling Beyond Meat sandwiches from its Canadian stores. This affected investor sentiment, and saw the stock lose by 7% after the announcement.
Looking at its price action, BYND has dropped slightly in pre-market. The stock is down by 0.43%, but has retained most of its previous gains. At the moment, it is trading at a key resistance level, and if holds, it could mark a reversal from the bearish trend that started in August. Volumes remain low recently, and in yesterday’s session, 1.58 million shares of BYND were traded.