Diamond Hands vs. Paper Hands: Beyond Meat Stock
The Beyond Meat (NASDAQ: BYND) saga seems to be over for now.
The plant-based meat stock became the latest meme stock in October when it surged nearly 1,400% in less than a week as it converted $1.1 billion in debt into 316 million shares, increasing shares outstanding by nearly five times.
That injected a ton of liquidity into the stock at the same time as an argument spread across social media sites like Reddit and X that the stock was heavily shorted. As a result, trading volume spiked in the stock, and shares soared, peaking on Oct. 22. The stock then lost 79% over the remainder of the month, falling in nearly every session to close down at $1.65.
Source Fool.com
