Copyright Business Insider
The move: Beyond Meat spiked another 73% on Wednesday, bringing its three-day gain since last Friday's close to 866%. Year-to-date, shares are up 56%. The chart: Why: The new meme stock has been picking up momentum in the last week as retail traders set their sights on the plant-based meat company around the time it tumbled to an all-time low last Wednesday. The gains began to stack up this week as a Dubai-based retail trader named Dimitri Semenikhin announced that he had purchased a significant amount of the shares outstanding. Semenikhin told Business Insider that he saw misconceptions around a recent convertible note exchange, and also believes the business has high potential for a turnaround. Backing up his argument, the company this week announced a new distribution deal with Walmart that helped the stock surge on Tuesday. Now, it seems the stock is in the grip of a retail frenzy that some online are hoping will go the way of Gamestop, the original meme-stock short squeeze. The stock was also added to a popular meme stock ETF managed by Roundhill Investments this week. What it means: While Beyond Meat stock continues to surge and interest from retail traders remains high, the day-trader who's been cheering it on admits that it remains unclear how high it can go.
