Should I Buy Beyond Meat after BYND named a new meme stock?
- Beyond Meat stock is up more than 40% since bottoming near $100 per share in May.
- Analysts are arguing BYND should be considered a meme stock.
- Should you buy Beyond Meat stock today?
Shares of plant-based food maker Beyond Meat Inc (NASDAQ: BYND) gained 12% on Thursday and the momentum carried over into Friday’s session. The catalyst that spurred a rally in BYND stock was Bank of America analysts arguing for Beyond Meat’s inclusion as a “meme stock.”
Could Beyond Meat be the next AMC stock or Gamestop stock and skyrocket to new highs? Can BYND stock rise on its own without the support of the Reddit community? Let’s take a look. But first, if you need help understanding how to buy Beyond Meat stock now, this guide is for you.
Where to buy Beyond Meat stock online
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Buying shares of Beyond Meat or any other stock requires a stock broker account. The extremely competitive environment in the online stock broker market resulted in stock brokers offering ultra-low and in some cases zero-commission fees. Our team of financial experts and analysts spent a lot of time reviewing the top stock brokers where you can buy BYND.
If you want to invest in Beyond Meat, we are confident in recommending two brokers based on a combination of ease of use, quality service, low fees, and innovative features.
One of the most popular online brokers is eToro, and for good reason. The innovative fintech company was an early pioneer of zero-commission fees and the company built a tremendous reputation since it was founded in the early 2000s. Users love eToro’s simple platform and social element that lets investors copy the trades of top-performing investors.
If you want to invest in BYND stock through eToro, click the link below to get started now.
Plus500 is not a standard stock broker, rather it is a Contract for Difference (CFD) broker. The main difference is investors don’t own a stock outright. Rather, they buy a derivative product whose value fluctuates based on the movement of the underlying asset. Simply put, if BYND stock goes up the value of the CFD position goes up.
If you want to get started with investing in BYND through Plus500, click the link below.
Is Beyond Meat a short-squeeze stock?
BofA analysts said this week the Reddit-inspired rally seen in GME and AMC could be here to stay. The next potential candidate is Beyond Meat, the maker of plant-based products meant to replace traditional meat products.
The case for buying BYND stock is based in part on the stock’s roughly 27% short interest. Typically, stocks that soar higher force short-sellers to cover their positions at a higher price. This adds more fuel to the fire and investors are speculating this alone can lift Beyond Meat stock higher.
Is BYND a good stock to buy?
The plant-based food industry remains in its very early stages and one needs to think long-term. As the global population continues to rise, many food experts are concerned the current food chain is unsustainable to handle a much larger population.
Beyond Meat offers a potential solution to a major food problem the world could see in the coming decades. Beyond Meat is able to produce a plant-based alternative product using roughly 93% less water and 93% less land compared to a beef burger.
Shares of BYND peaked in early 2020 at $221 and tested the $100 level in early May. Beyond Meat stock found strong support and gained more than 40%. The rally is attributed in part to long-term investors buying a beaten-up stock and short-term traders looking to capitalize on BYND’s newfound love from the Reddit community.
Should I buy Beyond Meat stock today?
The answer to the trending question ‘is Beyond Meat stock a good buy’ depends on your individual investment goals and risk tolerance. The case can be made for continued momentum in BYND stock amid the recent rally and the stock still has a long way to go before retesting its highs. But buying a stock based on its newfound meme status may not be appropriate for all investors, so tight risk management strategies should be used to minimize losses.
Longer-term investors looking for exposure to companies that can play a part in creating a more sustainable planet should consider including some BYND stock in their diversified portfolio.
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