Why Beyond Meat Is Trading Higher Today

Beyond Meat Inc BYND is trading higher Monday after the stock received a double upgrade at Bernstein.

What Happened: Bernstein analyst Alexia Howard upgraded Beyond Meat from Underperform to Outperform and announced a $130 price target Monday. The analyst attributed the upgrade to increasing sales on the back of economic reopening acceleration. 

See also: How to Buy Beyond Meat (BYND) Stock

Recent Earnings: Beyond Meat reported first-quarter financial results on May 6. The company reported an earnings loss of 42 cents per share, which came in below the estimate for a loss of 19 cents per share. It reported revenue of $108.2 million, which missed the estimate of $113.67 million. 

Related Link: Cramer Weighs In On Beyond Meat, Snowflake, More

BYND Price Action: Beyond Meat has traded as high as $221 and as low as $99.86 over a 52-week period. The stock is down 14.73% year-to-date. 

At last check Monday, Beyond Meat was up 4.14% in premarket trading at $111.

Photo courtesy of Beyond Meat.