Beyond Meat, Inc. (NASDAQ:BYND) shares are trading higher Tuesday amid a rally in meme stocks after retail investor Roaring Kitty made a return to social media.
The Details:
The return of Roaring Kitty to social media has triggered a meme stock resurgence which began with shares of GameStop and AMC Entertainment and has extended to other stocks with high short-interest, including Beyond Meat.
According to data from Benzinga Pro, 36.87% of Beyond Meat's float is being sold short.
In June of 2021, Beyond Meat had a market capitalization of just under $10 billion which has dropped to approximately $516 million at present. The stock has fallen nearly 90% since 2021.
Beyond Meat shares are moving on heavy trading volume amid the rally with more than 11.45 million shares already traded in Tuesday's session, compared to the stock's 100-day average of 3.655 million shares.
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Should I Sell My BYND Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Beyond Meat have lost 1.7% year to date. This compares to the average annual return of -57.67%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Beyond Meat stock currently has an RSI of 62.13, indicating neutral conditions.
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BYND Price Action: According to Benzinga Pro, Beyond Meat shares are up 6.85% at $8.50 at the time of publication Tuesday.
Image: Courtesy of Beyond Meat, Inc.