soared out of the gate Tuesday, gaining as much as 18.2% to touch an intraday high of $135.23 at 9:45 a.m. Eastern. The stock then pulled a sharp U-turn, steep enough to trigger a 5-minute volatility halt starting at 9:56 a.m., and was up just 3.6% at an intraday low of $118.51 around 10:01 a.m.
Since then, the stock has seesawed in a range of up 11.9% to down 0.1% at the current intraday low of $114.28.
It was up 4.8% in afternoon trading at $119.80. Volume was 38.9 million shares, to make the stock the most active on the Nasdaq exchange, and more than six times the full-day average.
The stock kept rising, and has now run up 61% in 6 days. Rather than view a new rival product as a headwind for Beyond Meat, some industry experts suggested increasing competition could indicate that plant-based meats are no longer just a novelty option, but have gone mainstream.
has gained 11.0%. The price chart since the company went public on May 2, 2019 looks similar to Tuesday’s intraday chart.
The stock closed its first day at $65.75, or 163% above its initial public offering price of $25. It kept rallying to closing peak of $234.90 on July 26, then lost about two-thirds of its value before bottoming at $73.60 on Dec. 16.
Wall Street hasn’t quite bought into Beyond’s story at current share prices. The average rating of 17 analysts surveyed by FactSet is the equivalent of hold, and the average price target is $103.84, which is 13% below current levels.