Why Beyond Meat Stock Rose Today
Shares of Beyond Meat (NASDAQ: BYND) closed out trading on Monday 3% higher than where they started after having been up as much as 5.5% during the day.
While there was no specific news to account for the rise other than the market as a whole being buoyant on positive developments with COVID-19 vaccines, the move by the maker of plant-based meat alternatives was notable nonetheless as it seemingly defied an analyst's sour view of a relationship with McDonald's (NYSE: MCD).
A UBS analyst suggested, after discussions with one of the fast food giant's supply chain managers, that Beyond Meat would not be the only supplier for the restaurant's new McPlant plant-based burger. It's rare for any company to be a sole source for a product, and even less common to have one of its brands identified with it.
Source Fool.com
