Shares of Beyond Meat, Inc. (NASDAQ:BYND) are rising Tuesday after the company shared a retail partnership update.
- BYND is surging to new heights today. Get the latest updates here.
What To Know: Beyond Meat is expanding its existing relationship with Walmart by increasing the availability of select products at over 2,000 stores nationwide.
Shares of Beyond Meat were up more than 45% following the announcement, according to Benzinga Pro.
Walmart will be among the first to sell the Beyond Burger 6-pack, the plant-based meat company’s newest value pack. The retailer will also start selling Beyond Chicken Pieces and Beyond Steak Korean BBQ-Style.
“We are proud to expand our distribution at Walmart, providing more consumers with access to Beyond’s clean and nutritious plant protein products,” said Ethan Brown, founder of Beyond Meat.
Beyond Meat shares have been in the spotlight in recent sessions as the stock has climbed more than 175% over the past week largely due to increased attention from retail investors. Several posts across social media platforms appear to have sparked speculation in the heavily-shorted name.
Some of the recent surge may be due to short covering. 10.05% of Beyond Meat’s float is currently sold short, according to data from Benzinga Pro. Beyond Meat had total short interest of 54.01% as of last week.
BYND Analysis: Beyond Meat is currently trading approximately 7.9% below its 50-day moving average of $2.31 and about 30.4% below its 200-day moving average of $3.05. The relative strength index (RSI) stands at 43.58, indicating neutral momentum that suggests the stock may have room for further movement in either direction.
BYND Price Action: Beyond Meat shares were up 56.12% at $2.28 at the time of publication on Tuesday, according to Benzinga Pro. The stock is trading within its 52-week range of 50 cents to $6.63.
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Image: courtesy of Beyond Meat.
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