NEW YORK (AP) — The price for a share of Beyond Meat almost tripled on the first day of trading in May and that was just a taste of what was to come.
The price has surged between 570% and 650% and on Tuesday, industry analysts with J.P. Morgan had enough, but not for fear that there isn’t more room to run for the plant-based alternative to beef.
J.P. Morgan’s Ken Goldman and James Allen downgraded the stock to ‘neutral’ after a run that has cost short sellers, $400 million, according to the research firm S3.
J.P. Morgan just upped its price target Friday by $23, to $120 but even that could not keep pace. The stock closed Friday at $138.65.
Shares in Beyond Meat are down about 12% before the opening bell.