Shares of Beyond Meat surged 12% Thursday after McDonald's announced a test of its plant-based burgers in Canada.
Beyond Meat's once-volatile stock has calmed down in the last two months.
Beyond Meat CEO Ethan Brown speaks before ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.Shares of the maker of meat substitutes were recently trading up nearly 12% at just under $155 on Thursday afterannounced a test of the company's plant-based burgers in Canada. The announcement did little to move McDonald's shares, which have a market value of nearly $165 billion, but Beyond stock hit an intraday high above $160. Its market value is just over $9 billion.
Trader and CNBC contributor Jon Najarian said that it is unclear if the secondary offering resulted in fewer wild swings for the stock. Instead, he attributed the stock's relative stability to more long-term deals with restaurants.
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