Beyond Meat (BYND) - Get Beyond Meat Inc. Report shares rose Monday after the plant-based-meat company said that this week it would roll out Beyond Meatballs, its alternative version of the popular staple.
The shares of the company at last check rose 5.4% to $142.15.
"[More] consumers looking for nutritious options that are delicious and easy to prepare," the company said in a statement. The new product is seasoned with a blend of Italian spices, "pre-rolled and ready to cook."
Beyond Meatballs will be priced at $6.99 for a pack of 12. The company said Beyond Meatballs will be available at Whole Foods (AMZN) - Get Amazon.com Inc. Report, Stop & Shop ADRNY, Sprouts (SFM) - Get Sprouts Farmers Market Inc. Report, Harris Teeter, Kroger (KR) - Get Kroger Company (The) Report, Albertsons (ACI) - Get Albertsons Companies Inc. Class A Report, and others by early October.
The El Segundo, Calif., food producer has benefited from a shift in consumer preferences toward healthy food as well as the surge of activity at grocery stores during the coronavirus pandemic.
This is the third alternative-meat product the company has launched this year, after Beyond Breakfast Sausage and Cookout Classic.
Beyond Meat has a brick-and-mortar presence at 26,000 retailers across the country.
Last month the company said it would also sell its products directly to consumers through a new e-commerce site.
On Sept. 3, Baird analyst Ben Kallo gave Beyond Meat an outperform rating and a $160 share-price target, driven by increasing distribution and introduction of new products.
On Aug. 31 Citi analysts upgraded Beyond Meat's stock to neutral from sell on valuation. Citi also raised its price target on Beyond Meat to $141 a share from $123.
Beyond Meat reported second-quarter revenue of $113.3 million, up 69% compared with 2019 and beating analyst estimates of $99.2 million.