Beyond Meat will scale up with new supplier deal amid great year for investors
Beyond Meat, a company that has found success in the fake burger craze, announced on Tuesday it's scaling up with a multiyear deal with one of its earliest suppliers, plant-based protein producer Roquette.
"This latest contract with Roquette reflects Beyond Meat's commitment to further scaling the plant protein supply chain as global demand for our products continues to rise," Beyond Meat founder Ethan Brown said in a statement.
"Along with our supply chain partners, including Roquette, we are driving innovation and access to existing and new plant protein feedstocks as we provide consumers around the world with plant-based meats that delight taste buds while contributing to important health, climate, natural resource, and animal welfare goals," Brown said.
BEYOND MEAT'S SURGING STOCK LEAVES SHORT-SELLERS WITH $587M LOSS
Beyond Meat shares have climbed 40 percent this year through Tuesday. They gained 64 percent from their May 2 debut through the end of 2019, despite failing to maintain a peak of $239.71.
Shares fell Tuesday after Bernstein downgraded Beyond Meat from an Outperform rating to Market Perform.
Shares had climbed 19% on Monday thanks to the announcement by Snoop Dogg and Dunkin of a limited-release Beyond Meat sausage sandwich. That's just one of several recent milestones. Subway Canada, Pollo Tropical and On the Border have also agreed to use Beyond Meat foods while McDonald's Canada said it's expanding its global test of the plant-based burger to 52 restaurants.
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Beyond Meat is scheduled to report its fourth-quarter earnings on Jan. 27. Wall Street analysts surveyed by Refinitiv are expecting profit of 1 cent a share on revenue of $76 million.
Its products are available at approximately 58,000 stores across more than 50 countries, the company said.
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FOX Business' Jonathan Garber contributed to this report.