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- Beyond Meat's blistering stock rally is pushing into the middle of this week.
- The stock jumped as high as 73% on Wednesday.
- This surge takes its gain to almost 900% as retail investors.
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.
"Fundamentals, I think, suggest a $6-8 [price per share] in the medium term," Semenikhin told Business Insider, after previously moving his price target from $2.50-$3 to $6 a share as the stock rallied.