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Beyond Meat, Inc. (NASDAQ:BYND) bounced off news it would expand distribution of Beyond Steak. Shares rose more than 5% on Tuesday morning.
The faux meat maker will sell Beyond Steak at Whole Foods Market, Publix, Wegmans, Meijer and Stater Bros. Markets. Currently, the product is available at Kroger, Walmart, Albertsons, Ahold, Target and Sprouts Farmers Market.
Last month, BYND said it expanded its product portfolio at Costco (COST) locations just in time for July 4th.
BYND said Beyond Steak has been receiving “rave reviews” for being “tender and juicy” with a “caramelized crust.” The steak recently won a People Food Award for having, “the texture, chew and flavor” of steak.
Beyond Steak contains 21 grams of protein, 1 gram of saturated fat and 170 calories per serving with no cholesterol or added hormones and antibiotics. It has been certified as a heart-healthy food by the American Heart Association.
“Recent data from a regional chain showed that more than 50% of households that bought Beyond Steak were new to the plant-based meat category and 2 out of 3 households repurchased Beyond Steak, reinforcing that this is a product that is resonating with consumers,” said AK Oghoghomeh, senior vice president of global marketing.
Shares of BYND are down more than 48% over the past 12 months, trading at about $15.48. The stock peaked in 2019 at above $234.