Beyond Meat (NASDAQ: BYND) shares are trading higher Monday after it announced that it is debuting its Beyond Chicken Tenders at certain retailers in the US.
The company said the decision was made in response to consumer demand.
In addition to the rollout of the plant-based chicken tenders, Beyond Meat is also increasing its retail product distribution of other products at Walmart stores in which its products are currently sold.
“In response to positive taste reviews and consumer demand, Beyond Meat is proud to debut Beyond Chicken Tenders at select retailers nationwide,” the company said in a statement.
Deanna Jurgens, Chief Growth Officer at Beyond Meat, said: “Following the success of our plant-based chicken in restaurants, fans were eager to get their hands on a retail product that’s readily accessible and can be cooked at home anytime.”
“We’re thrilled to be answering consumer demand by launching Beyond Chicken Tenders at prominent retailers nationwide, continuing our momentum in the plant-based poultry category.”
Just over a week ago, McDonald's told Bloomberg that Beyond Meat is supplying the patties for its test of the McPlant burger in the Netherlands.
Beyond Meat shares are currently trading at $110.82, up 1.03%. However, on September 16, Piper Sandler analyst Michael Lavery downgraded the company to Underweight from Neutral, lowering the price target to $95 from $120.
Lavery said he believes the company's retail momentum will fall short of the consensus and that estimates for the second half of the year may be too optimistic.
Should You Invest in Beyond Meat Shares?
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now
