Beyond Meat stock price may be down for the second day in a row, but there seems to be a lot of optimism in the stock’s growth potential. This comes as more people appear to be switching to plant-based meat products.
A report from VegNews states that 78% of Americans are seeking to grill plant-based meat products this summer season, which kicked off with the Independence day weekend holiday.
Beyond Meat formed a partnership with online delivery platform DoorDash to offer a limited edition grilling kit that contains the Beyond Burger 3.0 product. The grilling kit is to hit 14 cities and comes with accessories such as an apron, bottle opener and grilling tools.
Analytics and forecasting platform Trefis projects a 30% explosion in fresh retail product sales at Beyond Meat in 2021 from its 2020 figure, and nearly double this amount in 2022 as consumer demand for plant-based fresh meat products soars.
Despite the higher margins over frozen products, bulls on Beyond Meat stock price are betting people will choose healthy eating over lower prices. Yours truly is not a Beyond Meat patron, but having switched to fresh poultry after years of consuming frozen versions, it is not hard to see why consumers are gradually making the shift.
Beyond Meat stock price is down 1.42% as of writing but could have upside potential based on the short-term chart picture.
Technical Levels to Watch for Beyond Meat Stock Price
The price pattern on the daily chart is that of a bullish flag, which indicates a recovery and continuation of the near term uptrend. The 2-day correction has found support at the 150.18 price mark. Bulls would need a bounce on this level to continue the breakout’s measured move, targeting a price of 197.45. This move is likely to occur in advance-and-pullback sequences, clearing resistance barriers at 165.06, 172.66, 181.58, and 189.85 along the way.
On the other hand, a dip below 139.94 negates the pattern and opens the door towards additional downside targets at 130.02, 122.42 and 113.50.