Beyond Meat, Inc. (NASDAQ:BYND) stock has been on a rollercoaster, exploding from roughly 50 cents a share to as high as $7.69 on Wednesday before tumbling back below $3 by Thursday morning.
The stock was hovering near the flat line on heavy volume in Thursday's midday trading.
- BYND stock is volatile. See all of the action here.
Capybara Meme Rally
Retail momentum traders and meme-stock enthusiasts have latched onto BYND as the latest "comeback play," rallied by chatter about high short interest and a trader, as well as an online influencer known as Capybara Stocks.
Behind the persona is Demitri Semenikhin, a Dubai-based investor who transformed himself into the face of the latest meme-stock movement.
Semenikhin revealed on Reddit and X that he had purchased roughly 3.1 million Beyond Meat shares—about 4%of the company—at an average price below one dollar per share.
He argued that the company's highly publicized debt restructuring actually improved liquidity and reduced the risk of bankruptcy.
Read Also: Latest Beyond Meat Short-Seller? Martin Shkreli, Of Course
To Infinity and BYND
On Thursday, the Capybara Stocks account tried to revive the stalled rally with a post on X.
"Remember $BYND is currently up 600% in a week and holding its gains against a volume of already 325 million shares bought and sold."
More than 500 million shares had been traded and BYND was barely green in Thursday's midday trading, according to data from Benzinga Pro.
Capybara Stocks tried to keep the momentum going and reminded traders that there could be more upside ahead.
"Sure the journey is full of ups and downs when there’s this much difference but meaningful growth takes time. To infinity and $BYND," he added.
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