Beyond Meat Shares Soar Over 55% on Price Hikes, Cost Cuts to Boost Margins; Short Squeeze Adds Fuel to Surge
• Beyond Meat shares soared 55% in premarket trading after announcing price hikes, cost cuts, and plans to improve margins • The stock surge triggered a short squeeze - 37.6% of the company's shares were shorted, with short sellers losing $93 million • Beyond Meat supplies plant-based meat to McDonald's and Yum Brands but has lost 70% of its value since 2019 IPO • Company reported better-than-expected Q4 revenues and laid out plans to "steeply reduce" costs to improve margins • Stock trading at nearly 6-month high, with analysts expecting short sellers to add to buy pressure and cause a further short squeeze