Beyond Meat stock leaps 16% after Taco Bell announces partnership with the faux-meat producer
Taco Bell
- Beyond Meat rose as much as 16%, to $144.78 a share, after Taco Bell announced it's partnering with the faux-meat producer to explore plant based protein menu items on Thursday.
- Beyond Meat's stock surge comes after a stellar 2020 which recorded a 65.3% yearly gain. The plant-based meat company has also gained over 100% since its IPO in May 2019.
- "Taco Bell chose to team up with Beyond Meat as a category leader with a proven track record of attracting younger customers with its irresistibly delicious plant-based offerings," Taco Bell said in a press release.
- Watch Beyond Meat trade live here.
Beyond Meat rose as much as 16%, to $144.78 a share, after Taco Bell announced it's partnering with the faux-meat producer to explore plant based protein menu options on Thursday.
Taco Bell said that it's partnering with Beyond Meat to create an "innovative new plant-based protein that will be tested in the next year."
Taco Bell's parent Yum! Brands gained as much as 2.3% on Thursday.
"Taco Bell chose to team up with Beyond Meat as a category leader with a proven track record of attracting younger customers with its irresistibly delicious plant-based offerings," the Mexican food chain said in a press release.
Beyond Meat's stock surge comes after a stellar 2020 for the faux-meat company. It soared 65.3% last year, and has also gained over 100% since its IPO in May 2019.
The company's stock often experiences wild swings when investors hear plant-based meat news.
In November, it sold off as much as 10% when McDonald's announced it was creating its own plant-based burger, the McPlant. Later in the day, Beyond Meat reversed all its losses and jumped 9% after the company claimed it "co-created" the McPlant.
Taco Bell is just one of the many fast-food chains Beyond Meat has teamed up with.
The faux-meat producer announced last week that its Beyond Breakfast Sausage Sandwich is available in Starbucks chains in the UK. It also introduced Beyond Meat sandwiches in Starbucks chains in the UAE and Kuwait.