The latest ‘meme’ stock to get caught up in Wall Street’s short-squeeze, Beyond Meat, is expanding its business in the land down under.
Shares in Beyond Meat (NASDAQ: BYND) jumped 5% on Monday due to its latest expansion plans in Australia. The meat-alternative leader announced that it will be introducing its popular meatball range to Australia’s second-largest supermarket chain: Coles.
So, what does this mean for Beyond Meat?
The introduction of this product gives Beyond Meat access to more than 2,500 stores in the region. Australia was among the key markets highlighted by CEO Ethan Brown at last month’s earnings call as a region of increased growth. Other countries mentioned included the U.K., Austria, Switzerland, and Germany.
Beyond Meat has been in the Australian market since 2018, and will be looking to spread out in its global expansion to countries such as New Zealand, or any of the Pacific Island nations.
Beyond Meat’s expansion plans
Beyond is well on its way to expanding beyond its domestic market. While its manufacturing plant in the Netherlands is beefing up its European business, plans for a Chinese plant have been confirmed, giving Beyond a keen advantage in the world’s largest market.
As well as this, over the past year, there has been a large increase in restaurants and fast-food chains adding Beyond Meat products to their menus. Dunkin, Del Taco, A&W, and TGI Fridays all feature at least one Beyond Meat product. With restrictions eased, foodservice revenue should now grow at pace.
Is Beyond Meat a meme stock?
With almost a quarter of Beyond Meat’s shares sold short in May, there has been a lot of speculation around its value. CNBC’S Jim Cramer stoked the meme fires by encouraging Reddit traders to make the company their next meme-stock rally point. In doing so, he may have created another short-squeeze in the same vein as AMC and GameStop earlier this year.
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