Why Beyond Meat Is Rising 3% Today
Shares of Beyond Meat (NASDAQ: BYND) were rising 3.4% heading into midday trading Friday, on the strength of internet chat room chatter, CNBC's Jim Cramer's continuing to urge Reddit traders to adopt the plant-based meat maker as their next meme stock cause, and an analyst upgrade.
Beyond Meat's stock is heavily shorted with over 25% of its float sold short, but Cramer said the combination of the company's management and the deals such as those with McDonald's and Yum! Brands suggests it doesn't deserve the negativity. He argued for Reddit traders to rally around the stock to force a short squeeze, and he wants to interview on his show those who run the r/WallStreetBets board.
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Source Fool.com
