Beyond Meat (BYND) stock spikes on KFC collaboration
14:37, 5 January 2022
Beyond Meat stock surged over 9% overnight, after the plant-based protein manufacturer announced the launch of Beyond Fried Chicken in collaboration with fast-food chain KFC.
Beyond Meat stock (BYND) traded as high as $67.50, up 9.54%, on Tuesday evening, shortly after Beyond Meat announced the product launch over Twitter.
Beyond Meat stock had closed the Tuesday session at $61.62 per share.
“Breaking News! We’re excited to officially announce Beyond Fried Chicken will be making its national debut on January 10,” Beyond Meat announced over Twitter late Tuesday. “Yes, you heard us correctly. We told you 2022 was going to be tasty”.
Yum! Brands (YUM), KFC’s parent company, meanwhile, remained unchanged in overnight trading, after closing Tuesday at $137.31 per share.
Yum! offerings
Beyond Fried Chicken will be available throughout the US next Monday, as part of a combination meal offering or in six- or 12-piece orders, starting at $6.99 (£$5.15) for the six-piece option.
Beyond Meat has been developing meat-alternative options with Yum! over the past year, including offerings for other Yum! subsidiaries such as Pizza Hut and Taco Bell. Last May, for example, Beyond Meat announced a trial launch of Beyond Italian Sausage as a topping on Pizza Hut pizzas in select Canadian regions.
Yum! stock seems to have weathered the Covid-19 pandemic well, currently trading 29.7% higher year over year. Beyond Meat stock, meanwhile, has slumped, down 51.1% year over year.
El Segundo, California-based Beyond Meat has been plagued by supply-chain disruptions throughout 2021, leading to a reduced revenue forecast last year. Additionally, the company said a weather event damaged a primary warehousing facility, causing inventory to spoil.
Read more: Beyond Meat down 11.7% after lowering 3Q 2021 revenue guidance
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