While the volatility in the leading stock market indices has declined considerably in the last several sessions, some stocks have outperformed. We talk about the volatility in GameStop, AMC, and, not to be ignored, Beyond Meat.
Beyond Meat stock price has found strong support at the round $100 level. The solid base formed there was strong enough to trigger a reversal that broke the previous bearish channel. Since February, the stock price has lost 50% of its value, but now the technical picture looks bullish.
Before looking at the technical picture, let’s look at some fundamentals. Currently, Beyond Meat (NASDAQ:BYND) delivered revenue growth of 17.79% YoY with a gross profit margin of 30.80%. While it missed the last earnings estimates, the forward-looking analysis shows steady growth. Beyond Meat stock price is up 20% year-to-date.
From a technical perspective, the recent bearish trend appears to be over. A move beyond $160 should trigger more upside pressure and a move above $180 points to a new high above $220.
Bulls may want to stay on the long side with a stop at $120 and target a new high above $220. Aggressive bulls may want to add on a break above $220.
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