Shares of Beyond Meat Inc (NASDAQ: BYND) rocketed on the first day of the week, after the breakout plant-based protein company confirmed a CNN report that it will start making a new ground beef product dubbed Beyond Beef.
“Beyond Beef is the first plant-based ground meat made without GMOs, soy or gluten to deliver on the versatility, meaty texture and juiciness of ground beef,” Beyond Meat said in a press release.
The company plans to roll out Beyond Beef at select stores in the U.S. starting Monday, June 24. According to Beyond Meat, the product marbleizes and tenderizes just like real meat. In addition, it provides more versatility as customers can use it in meals such as meatballs, Bolognese sauce, taco meat and more.
Beyond Beef is made from a combination of brown rice, pea, and mung bean. It has a fibrous texture that is similar to beef and contains 20 grams of protein per 4-ounce serving.
The product will be available at several grocery chains countrywide including HEB, Ralphs, King Soopers, Fred Meyer, Wegmans, Mariano’s, Whole Foods Market, ShopRite, Sprouts and other retailers. It will also be sold at Safeway locations in Northern California as well as Atlanta-area Kroger stores.
Shares of Beyond Meat gained $18.48, or 12.20% to close Monday’s regular session at $169.96. The shares later rose 0.96% in after-hours trading to change hands at $171.60 apiece. The stock has rallied more than 550% since the California-based company made its market debut in May.
Beyond Meat Inc Profile
Beyond Meat Inc is a food company based in the United States. It offers a portfolio of revolutionary plant-based meats. The company has developed three core plant-based product platforms including beef, pork and poultry. Its flagship product is The Beyond Burger, is designed to look, cook and taste like traditional ground beef.
It generates revenues primarily from sales of its products, including The Beyond Burger, Beyond Sausage, Beyond Chicken and other plant-based meat products. Its customers include mainstream grocery, mass merchandiser and natural retailers, as well as restaurants and other foodservice outlets mainly in the United States.