Today, Beyond Meat (BYND) announced that its new product, Beyond Beef, will hit markets across the US later this week. The company designed Beyond Beef to replicate the texture and juiciness of traditional ground beef, and it’s said also to be versatile enough for any ground beef recipes.
Beyond Beef is made from pea, mung bean, and rice proteins. The product is free of GMOs, soy, and gluten. This blend delivers 20 grams of protein for every four-ounce serving.
In a statement, Ethan Brown—founder and CEO of Beyond Meat—stated, “We are thrilled to introduce consumers to our latest product innovation. This plant-based ground meat allows consumers to enjoy all the culinary versatility of ground beef, with the added nutritional and environmental benefits of eating plant-based meat.”
The launch of Beyond Beef appears to have increased investors’ excitement in the new stock, as Beyond Meat was trading higher today. At 1:10 PM ET, the company was trading at $157.63, a rise of 4.7% from its previous day’s closing price.
Beyond Meat priced its IPO at $25 and opened trading on May 2 at $46. Since then, the company’s stock has increased 227.4% as of June 25. During the period, the S&P 500 Index has returned 0.7% while peers Tyson Foods (TSN), Conagra Brands (CAG), and General Mills (GIS) have returned 7.1%, -4.0%, and 5.0%, respectively.