Beyond Meat Stock Surge
Beyond Meat's stock has risen by 729% this week, with a significant jump of 70% on Wednesday, opening at $6.16.
The stock's incredible winning streak has resulted in a gain of over 1,000% in less than a week, making it the latest "meme stock" to experience a rapid increase.
- A tender offer for $1.1 billion of Beyond Meat's convertible debt sparked the rally.
- The debt conversion created 316.2 million new shares, increasing shares outstanding by nearly five times.
Going back to its bottom last Thursday, the stock has now gained more than 1,000% in less than a week, making Beyond Meat the latest meme stock to go “to the moon,”
The removal of a significant financial obstacle for the company has contributed to the stock's surge.
Author's summary: Beyond Meat's stock surges 729% in a week.