Beyond Meat continued to sizzle as investors lap up shares in the veggie burger maker following a solid debut earnings report last week, cementing the stock’s status as this year’s best performing initial public offering.
Shares in the California-based company jumped as much as 34.5 per cent on Monday to a record high of $186.43 before paring that advance to 23 per cent at pixel time.
At its session high, the stock would have booked a gain of 645 per cent from its $25 IPO price on May 1. It also bumped the company’s market capitalisation up to about $11.2bn — putting it above the likes of Macy’s, Whirlpool, Xerox, Harley-Davidson and TripAdvisor.
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