At 26th, Beyond Meat suddenly saw a drastic rise of its shares. It closed the day with 11% up of the share price. And this is all thanks to McDonald.
Previously, the fast food chain announced that it will test plant-based burger made by the company in Canada. Starting from the 30th of September, Canadian customers can get a taste of McDonals and Beyond Meat collaboration.
The chain is planning to sell the P.L.T Burgers in 28 branches throughout Canada. The name stands for Plant, Lettuce and Tomato. Easily the vegan version of its flagship B.L.T Burgers–Bacon, Lettuce and Tomato. The product will be available for 12 weeks at 6.49 Canadian dollars.
Instantly, Beyond Meat shares surged up to a little above $154 per share that day. The market value was just over $9 billion at the time.
But this news has little effect on McDonald share that stayed stable during the day. The company’s still one of the largest one with $165 billion market value.
Beyond Meat: hottest shares of the year
Beyond Meat shares is one of the hottest yet this year. As a relatively new company, Beyond has just done the initial public offering last May. And its shares jumped up more than 500%. Then a month later, it hits its all time high with $239.71 per share in late July.
But then it dove down after the announcement of a secondary share offering. Since then, the stock has never traded above $200 per share.
The demand for plant based meat has been growing rapidly in the U.S. the past few years. Startups offering the meat alternative popped up including Beyond’s rival, the Impossible Food.
And McDonald would not be the first fast food chain to have a plant-based meat on its menu. Previously, Kentucky Fried Chicken and Burger King have added the item on its menu. In addition, Burger King (which flopped in Vietnam) has also shared its plan on expanding the Impossible Burger to Asia.
