Beyond Meat, Inc. (NASDAQ:BYND) shares ripped higher on Wednesday as traders discussed a possible "short-squeeze" due to outsized short interest in the stock.
Beyond Meat can count a new high-profile short-seller among its ranks: Martin Shkreli.
- BYND stock is squeezing higher. See the real-time price action here.
Shares of Beyond Meat jumped 127% on Monday and 146% on Tuesday after the stock was added to the Roundhill Meme Stock ETF (NYSE:MEME).
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The addition, combined with a Walmart news catalyst and debt restructuring, triggered a short squeeze that sent the stock skyrocketing. Over 63% of the firm's tradable shares were shorted prior to the announcement, according to FactSet data cited by CNBC.
Beyond Bearish
Shkreli, known in financial circles for his outspoken views, has made a name for himself recently by shorting popular stocks and posting about his positions on social media.
On Tuesday, Shkreli posted about his latest short position in Beyond Meat.
"Started tiny short on BYND after seeing negative gross margins," he wrote on X.
Later Tuesday evening, Shkreli hosted a live chat titled "BYND Shorts Are Dumb," wherein he discussed his thesis on the stock.
On Wednesday morning, Shkreli posted again, with his short position and language getting more aggressive.
"I shorted a tiny amount yesterday. now i’m shorting more. thank you, morons. please make it go higher. APES STRONG TOGETHER LMAO. $BYND," he wrote.
BYND Bulls Stampede
Beyond Meat shares were up almost an additional 100% on Wednesday, likely putting massive pressure on Shkreli's short position.
The stock has rallied more than 900% from all-time lows of 51 cents last week to trade at $6.79 at the time of publication.
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