Beyond Meat Rallies After Taco Bell Partnership and Virgin Galactic Skyrockets on News of a Space Exploration ETF
On Thursday, shares of Beyond Meat soared, closing up 13.66% at $142.47 a share. Beyond Meat skyrocketed after the company announced a partnership with Taco Bell to create a new plant-based protein geared towards young vegetarian customers.
Taco Bell currently offers over 30 vegetarian ingredients, offering a wide range of options for vegetarians. However, this will be Taco Bell’s first time offering fake meat on its menu.
Beyond Meat continues to expand into the fast-food industry. Last year the company partnered with McDonald’s to create its meatless sandwich, the McPlant. Additionally, Beyond Meat has partnered with companies such as Subway, Dunkin’ Brands, and Del Taco.
Shares of Beyond Meat are down more than 22% in the past three months.
Shares of Virgin Galactic closed up 19.85% and rose as much as 22% on Thursday.
Virgin Galactic and other space stocks soared on Thursday after ARK investment manager, Cathie Wood, announced the firm filed with the Securities and Exchange Commission to launch a space exploration exchange-traded fund under the ticker ARKX.
The new space exploration fund will focus on companies engaged in space exploration and according to ARK’s fillings, will focus on companies “leading, enabling, or benefiting from technologically enabled products and/or services that occur beyond the surface of the earth.”
Shares of Virgin Galactic soared over 120% over the past 12 months.
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