Beyond Meat Gets Boost From Expansion of Denny's Partnership

Denny's will be giving away free Beyond Burgers on Thursday to celebrate the launch of the Beyond Burger menu item.
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Shares of plant-based meat maker Beyond Meat  (BYND) - Get Report were rising Monday after Denny’s (DENN) - Get Report announced that it will give away free Beyond Burgers on Thursday to celebrate the launch of the burger as a Denny's menu item nationwide.

The giveaway will happen between 11 a.m. and 10 p.m. local time on Thursday with availability at all 1,700 Denny’s locations.

Denny’s previously had given away free Beyond Burger sandwiches on Halloween to celebrate the launch of the menu item in Los Angeles.

This is the latest expansion of Beyond Meat's business in recent months

The company two weeks ago said it would be expanding its presence in China.

The company also has partnerships with Dunkin' Donuts  (DNKN) - Get Report, McDonald’s  (MCD) - Get Report, Del Taco, A&W Restaurant and Carl’s Jr.

Beyond Meat's stock price jumped double digits last week after Starbucks CEO Kevin Johnson unveiled a public letter outlining the giant coffee chain's plans to expand "plant-based options, migrating toward a more environmentally friendly menu."

The decision to use more plant-based meat alternatives was the first of five strategies the Starbucks chief outlined as part of what he described as the Seattle-based company's "multi-decade commitment to be a resource-positive company."

Oppenheimer analyst Rupesh Parikh said Starbucks' announcement was a sign that plant-based meat was going "mainstream" and that Beyond Meat now "likely has a chance of at selling products at Starbucks."

Starbucks is "clearly a big player" in the food services sector and so its announcement means the "addressable market continues to grow," the Oppenheimer analyst said.

Beyond Meat shares rose 3.45% to $123.61 in trading Monday.