logo-loader

Beyond Meat stays red hot after partnering with Whole Foods, Kroger and other grocers to launch ground beef alternative

Last updated: 11:45 18 Jun 2019 EDT, First published: 09:21 18 Jun 2019 EDT

Beyond Beef
The plant-based faux ground beef is 'versatile enough to use in any ground beef recipe,' according to the California-based company

Beyond Meat (NASDAQ:BYND) shares had another sizzling day Monday after the company announced that its ground beef alternative would hit stores nationwide on June 24.

The maker of plant-based meat substitutes will be sold at Amazon.com Inc's (NASDAQ:AMZN) Whole Foods, Wegmans, Texas-based HEB and in Atlanta-area Kroger (NYSE:KR) stores, according to CNN Business.

Shares grew 12% on Monday and crossed the $200 threshold Tuesday morning before slipping back down 0.7% to $168.71. 

The plant-based faux ground beef is "versatile enough to use in any ground beef recipe,” according to the El Segundo, California-based company.

READ: Chanticleer to bring the plant-based Beyond Burger to its restaurants

The announcement is the latest in a series of moves that have helped the company’s share price more than quadruple since its May 2 IPO.

Mike Pruitt, CEO of Chanticleer Holdings (NASDAQ:BURG), has been impressed. His burger restaurants announced a partnership with Beyond Meat on May 8 in response to calls from customers for a meatless burger offering.

The two companies reached an agreement before Chanticleer had any knowledge of the coming IPO, Pruitt said, but the meat alternative has been so popular Beyond needed the money to fund growth.

“As fast as they can make the product, they’re selling it,” Pruitt said. “There’s no doubt in the product itself.”

The Beyond Burger is expected to make its debut at Chanticleer’s Little Big Burger and other restaurants this month. 

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

1 hour, 49 minutes ago