(Bloomberg) -- Startup sensation Beyond Meat Inc. is closing the valuation gap with traditional meat suppliers.
The shares eclipsed $100 for the first time on Thursday, rising as much as 8% before turning negative. The faux meat supplier's market valuation is nearing $6 billion, just shy of chicken producer Pilgrim's Pride Corp. Beyond Meat's shares have risen 20% this week versus Pilgrim's drop of 8%.
To be sure, Beyond Meat still has a ways to go to reach the $20 billion-plus valuations of industry leaders Tyson Foods Inc. or Hormel Foods Corp. And bearish bets continue to rise as the shares rally. Short interest is about 51% of float, up from 35% two weeks ago, according to financial analytics firm S3 Partners. The stock is the second-best performing initial public offering in the U.S. this year, only trailing Soliton Inc., according to data compiled by Bloomberg.
Read more: Beyond Meat Bears Stick to Bets Even as Shares, Costs Soar
To contact the reporter on this story: Gregory Calderone in New York at gcalderone7@bloomberg.net
To contact the editor responsible for this story: Catherine Larkin at clarkin4@bloomberg.net
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
