As meat shortages continue around the country due to COVID-19 lockdowns shutting down production, at least one company is benefiting: Beyond Meat.
The plant-based meat startup’s stock has surged 162% since mid-March due in part to the meat-production plant shutdowns.
In fact, Beyond Meat posted better than expected quarterly earnings last night.
- In Q1 2020, Beyond Meat had net revenues of $97.1 million—up 141% year-over-year.
The raw truth: However, while Beyond Meat is seeing a surge due to more people eating at home (and thus buying its products as other meat products become scarce), the company warned that the increase in sales may not last.
It seems Beyond Meat is hoping for the breast, but expecting the wurst.