Shares of Beyond Meat, Inc. (NASDAQ: BYND) soared over 19% on Thursday. This surge occurred despite the absence of any specific news related to the company. Trading volume also soared, with 14,903,243 (14.90M) shares being traded, nearly seven times the average volume of 2.0 million shares over the past 100 days.
What’s driving this rise in share price? It appears that Beyond Meat is gaining traction on social media platforms, where discussions and trends surrounding the company are taking place. In addition, there is a possibility that the surge is a result of a short squeeze. Currently, out of the total 58.71 million shares available, 25.29 million shares have been sold short. This figure represents 43.07% of the total shorted shares.
Beyond Meat specializes in offering plant-based meat alternatives, including products like burgers, sausage, ground beef, and chicken.
For investors, it’s worth noting that Beyond Meat’s 52-week high stands at $9.81. On the other hand, its 52-week low was recorded at $44.51, as reported by data from Benzinga Pro.