Beyond Meat (BYND) - Get Report shares rose Thursday after TheStreet.com Founder Jim Cramer called the plant-based-meat maker a potential target for Reddit traders.
On CNBC’s “Mad Money” program Wednesday, Cramer pegged the El Segundo, Calif., company, along with Roblox (RBLX) - Get Report and Ford Motor (F) - Get Report, as, well, red meat for Reddit’s WallStreetBets acolytes.
Beyond Meat shares recently traded at $139.11, up 9.8%. In the past six months through Wednesday's close, the stock was off 7.2% amid concern about valuation. It’s still up 75% over the past two years on investor enthusiasm for healthy food.
And on Tuesday's Morning Bell, Cramer quoted Beyond Meat Chief Executive Ethan Brown as saying that the pandemic severely damaged the company's food-service business "and that when it opens up it's going to do much better."
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Cramer said that once the service business "opens up, the stock is going to go way up."
And he added: "This is one where I'm suggesting that it become a meme stock, that the people who like GameStop and the people who like AMC should adopt this one. ...
In other Beyond Meat news Thursday, it unveiled the launch of a six-pack of its Beyond Burgers in major Canadian grocery stores.
On Monday, Sanford Bernstein analyst Alexia Howard double upgraded Beyond Meat to outperform from underperform, ahead of what she saw as a "significant" increase in restaurant sales powered by state reopenings around the country.
She has a $130 price target, citing improved near-term prospects in the waning months of the pandemic.
Howard said food-service sales should rebound "significantly," thanks in part to Beyond Meat's recent partnerships with McDonald's (MCD) - Get Report, Yum Brands (YUM) - Get Report and PepsiCo (PEP) - Get Report. She called the stock a buy-the-dip candidate in the U.S. reopening.
Cramer followed that report with positive commentary of his own.
Earlier this month, Beyond Meat reported disappointing first-quarter results. It posted sales of $108 million, up 11% from a year earlier. And it posted a loss of 43 cents a share in the quarter vs. a profit of 3 cents in the year-earlier quarter.
Analysts polled by FactSet expected a loss of 18 cents a share on sales of $112.6 million.