Beyond Meat stock briefly trades above $200, hitting a new all-time high

GP: Meatless Burger Maker Beyond Meat's Stock Price Continues It's Skyrocketing Rise Since Its IPO In May
In this photo illustration, packages of Beyond Meat “The Beyond Burger” sit on a table, June 13, 2019
in the Brooklyn borough of New York City.
Drew Angerer | Getty Images

Shares of Beyond Meat soared as much as 18% Tuesday morning, briefly surpassing $200 per share and hitting a new all-time high of $201.88.

When the markets opened Tuesday morning, the stock was up 18% and trading for $200 per share. After hitting a new record price for shares, Beyond’s stock began to give up its gains but is still trading up more nearly 6% above Monday’s close.

At the beginning of May, the maker of plant-based meats priced its initial public offering at $25 per share. The company’s stock is up around 620% since its IPO, a market value of about $10.5 billion.

Beyond’s stock price remains well above the price targets of analysts, the highest of which is $123. No one on Wall Street recommends buying the stock anymore because of its hot streak. The stock has been gyrating as analysts have raised concern about its monster run and short sellers have taken an interest.

While the market for meat alternatives is growing more crowded as Tyson Foods and Nestle prepare to launch their own plant-based meat imitations, Beyond has been expanding and improving its own products.

Shares of Beyond closed up 12% Monday after the company said that it will start offering its Beyond Beef — plant-based ground beef — in grocery stores. The announcement followed the company’s launch of a new, “meatier” version of its Beyond Burger in stores last week.

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