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Editor’s note: The story has been corrected to reflect Beyond Meat’s correct trading volume on Wednesday and the pre-market movement on Thursday.
Beyond Meat Inc. (NASDAQ:BYND) shares dropped 19% to $2.90 in pre-market trading on Thursday.
Check out the current price of BYND stock here.
Shares surged 127% on Monday and 146.26% on Tuesday following the stock's addition to the Roundhill Meme Stock ETF (NYSE:MEME).
The rally was sparked by the stock's addition to the ETF, along with a distribution partnership with Walmart Inc. (NYSE:WMT) and a debt restructuring.
Beyond Meat carries approximately $1.2 billion in long-term debt against $360 million in trailing 12-month revenue.
The stock of the California-based meat alternative company reached $7.69 mid-morning on Wednesday before pulling back.
Martin Shkreli, former pharmaceutical executive and hedge fund manager, posted on X on Tuesday: "Started tiny short on BYND after seeing negative gross margins."
See Also: Why Did Molina Healthcare's Shares Fall Over 19% In After-Hours Trading?
He hosted a live chat on Tuesday evening titled “BYND Shorts Are Dumb,” where he discussed his thesis.
Wednesday morning, Shkreli posted on X: “I shorted a tiny amount yesterday. Now I'm shorting more.”
BYND is down 4.79% year-to-date but has gained 25.61% over the past month and surged 416.59% in the last five days.
On Wednesday, 2.18 billion shares traded, well above the average daily volume of 148.08 million shares.
Beyond Meat has a 52-week range of $0.50 to $7.69, with a market capitalization of $1.42 billion.
Price Action: The food company closed Wednesday at $3.58, down 1.10%, according to Benzinga Pro data.
Benzinga Edge Stock Rankings show that BYND scores low in momentum and growth rankings. Stay updated on how other players in this sector are performing.
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Photo Courtesy: Antonina Vlasova on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
