BYND Stock Alert: What to Know as Beyond Meat Launches Plant-Based Steak Product
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Beyond Meat (NASDAQ:BYND) stock is on the move Monday after the company revealed Beyond Steak, a new plant-based steak product.
The new product from the company is in the form of steak tips. These are the type of plant-based meat that consumers could use for sandwiches and salads, rather than a thick, “meaty” steak one might expect.
Customers that are looking to pick up the new plant-based steak have a few options for shopping. Kroger (NYSE:KR) and Walmart (NYSE:WMT) locations around the U.S. will carry the product. Those shopping in select Albertsons and Ahold divisions will also find the steak tips on shelves.
Beyond Meat is looking to appeal to both meat eaters and flexitarians with this latest offering. Only time will tell if it succeeds as the company hasn’t been pulling in customers as much as it hoped it would.
BYND Stock Is Losing Steam in 2022
Shares of BYND stock are down more than 80% since the start of the year. Adding to that, the company recently announced plans to cut its global headcount by 19%. It also let its chief operating officer (COO) go after a violent incident in a parking garage.
All of this means it’s hard to be excited about BYND stock even with a new product launch. Investors agree as only a little over 1 million shares have changed hands. That’s a ways off from its daily average trading volume of 3.4 million shares.
BYND stock is down 2.9% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.