Another wining trade in Beyond Meat which just went IPO. It was the best performer so far with +163% return within the first day of trading. Beyond Meat’s stock had climbed as high as $74 on Thursday, and as of yesterday closed at $74.79. Previously, the company had raised $122 million in venture funding over its lifetime from backers including Obvious Ventures, Kleiner Perkins, Bill Gates, Tyson Foods, and others.
Longed at $62.65 and still swinging this trade since the stock has so much hype and trading activities from market forces. Looks like big brother is buying this stock as it's trending higher and higher in the 5 minute chart. Even when there is profit taking, the stock continues to trend higher with more buyer and as of closing yesterday, it still closed day high.
It was the biggest-popping IPO for a U.S. company that raised more than $200 million since 2000, according to Dealogic data. That was when Palm Inc. made its debut in March 2000, at the peak of the dot-com boom. The last comparable pop in U.S. markets came in December 2010, when Chinese internet company Youku.com rose almost 115% in its debut on the New York Stock Exchange.
The company sold 9.5 million shares in the IPO to raise at least $240 million. Proceeds of the deal will be used to expand current manufacturing facilities and open new ones, to finance research and development and to boost sales and marketing, along with “general corporate purposes,” according to its prospectus.
Ronald K - A Game Changer
