We are adding Beyond Meat (BYND.US) on SimpleFX! Beyond Meat is making a lot of noise against the meat industry this year. It experienced a sudden surge in consumers as the coronavirus heavily disrupted the meat supply on a global scale.
Beyond Meat is a producer of vegan alternatives for pork, beef, and chicken. It was created in 2009 by vegan Ethan Brown. The Los Angeles-based company has products distributed in restaurants and supermarkets in the US, Canada, UK, and Italy. It earned venture capital funding from big players like Bill Gates and Leonardo DiCaprio. Beyond Meat went public on May 2, 2019.
In May, major meat-processing plants were forced to close momentarily in the US and other countries like Canada, Australia, Ireland, Brazil, and Spain to slow the spread of the virus. The cold temperature, constricted environments, and long periods of meat processing are harmful conditions for the workers to easily contract the virus. The US recorded a 264% increase in the sales of plant-based meat alternatives after the lockdown protocols were enforced.
As consumers were flocking to meat substitutes, Beyond Meat experienced a 29% increase in shares in May. It earned abundantly in the first quarter of 2020, with a net income of $1.8 million and a 141% revenue year-over-year to $97.1 million. Beyond Meat stocks (BYND.US) is up by 84% to date this year. It is currently trading at $140.55.
BYND.US price jumped last Wednesday after Beyond Meat announced its partnership with Alibaba, one of the largest commerce companies in China. Last week, 50 of Alibaba’s Freshippo grocery stores in Shanghai started selling Beyond Meat’s plant-based burger patties. They plan to expand selling to Freshipoo stores in Beijing and Hangzhou in September. This is huge for the meat alternative producer as China’s meat consumption reaches $170 billion each year. The company is also expanding rapidly in Europe.
Beyond Meat Trading Contest
Interesting developments are coming to Beyond Meat. We welcome traders to take part in our Beyond Meat trading competition and receive a share in a $500 prize pool. To trade Beyond Meat stocks, just search for “BYND.US” on the search bar on the upper left of your screen, or look under US Equities on the instruments panel on the left.
Trade more on BYND.US on July 8–15 for a higher chance of getting a reward. We will rank the traders based on the total BYND.US trading volume on their SimpleFX account during this period. The winners will receive $200 (1st place), $125 (2nd place), $75 (3rd place), and $100 (to be divided among the 4th to 10th places) respectively. We will transfer the rewards in Tether or Bitcoin to the winners’ SimpleFX trading account within 2 weeks after the contest ends. The winner announcement will happen on July 16.
We hope you’ll enjoy trading Beyond Meat with us!