Beyond Meat (BYND) kicked off at $46 in its trading debut Thursday, 84% above its initial offering price.
Beyond Meat's initial public offering was priced at $25 a share, the top end of the expected range of between $23 and $25, which valued the company at just under $1.5 billion. At its $46 opening price, the company's market cap stood at roughly $2.8 billion.
The company sold 9.625 million shares in the offering, raising more than $240 million. The company originally had planned to sell 8.75 million shares at $19 to $21 a share.
Beyond Meat filed its initial IPO prospectus with the Securities and Exchange Commission at the end of March. The company's products, including burger patties, sausages and chicken strips, are also available in retail stores such as Whole Foods (WFM) .
So, how should investors approach Beyond Meat now that the stock is hot?
"[Beyond Meat has] another competitor coming in...and Tyson could give this stuff away. So I'm not crazy about this. You should sell Beyond Meat between here and $75. So, now, sell some here. There's gonna be a short squeeze. People keep buying and selling it cause they bet it can't work and they have to cover at the end of the day. If it goes to $90, sell the rest. Sell half right now," said Cramer.