"Reddit investors are still chasing the high of locking in and driving up GameStop stock four years ago. This time, their meme stock of choice is Beyond Meat. The company behind the plant-based meat you briefly glance at before settling for cheaper ground chuck is the focus of another social-media-driven short squeeze that has helped push the stock up ~250% this week, alongside news of an expanded distribution deal with Walmart."
"The stock pop was spurred by Dubai-based real estate developer Dimitri Semenikhin, who goes by Capybara Stocks on social media. His original Reddit post hyping up Beyond Meat was removed, but he told Business Insider that he bought 4% of its stock and concluded that the company's most recent debt deal could be a better sign than most investors thought:"
Retail investors pushed Beyond Meat stock roughly 250% higher in one week amid social-media driven buying and news of expanded distribution with Walmart. Dubai-based real estate developer Dimitri Semenikhin, known as Capybara Stocks, promoted the company and said he purchased 4% of its shares; his Reddit post was later removed. Beyond completed a convertible debt swap that quadrupled its share count, initially sending the price from just above $2 to around $0.50 per share. The stock later closed at $3.62 per share. Beyond surged after earlier peak valuation and subsequent slowdown in consumer interest in alternative protein.
Read at Fortune
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