Shares of Beyond Meat (BYND) - Get Beyond Meat, Inc. Report were higher on Monday after the plant-based-meat company said that starting next month it would introduce its Beyond Chicken Tenders in major retailers across the U.S.
The El Segundo, Calif., company will sell Beyond Chicken Tenders at a suggested price of $4.99 at select retailers nationwide and expand product distribution of other products at Walmart (WMT) - Get Walmart Inc. Report stores.
“Following the success of our plant-based chicken in restaurants, fans were eager to get their hands on a retail product that’s readily accessible and can be cooked at home anytime,” Deanna Jurgens, Beyond Meat's chief growth officer, said in a statement.
The company said it was increasing the accessibility of its offerings at Walmart, the Bentonville, Ark., retail giant, including a 70% increase in the number of stores offering Beyond Breakfast Sausage Patties.
Starting in October the Beyond Chicken Tenders will be available in some Walmart, Jewel-Osco, Safeway NorCal, Harris Teeter, Giant Foods and ShopRite stores.
The protein in Beyond Chicken Tenders is derived from fava beans. The tenders come pre-cooked and can be served after less than 10 minutes of heating.
Last week, Beyond Meat launched Beyond Pork in China, where pork is the predominant meat consumed by the public.
Earlier this month, analysts at Piper Sandler downgraded Beyond Meat stock to underweight from neutral and cut their price target to $95 a share from $120. The move came as the company's U.S. retail sales fell 14% in the second quarter ended July 3.
Beyond Meat shares at last check were 1.6% higher at $111.46. The stock is trading at about half its 52-week high near $222, set in late January.