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The scenario seems similar to the "meme stock" phenomenon, which at times results in unusually robust increases in declining stocks, impacting retail investors adversely, according to Bloomberg.
On October 22, the stock continued to surge significantly: at its highest point, it jumped 112.4% to $7.70. In contrast, the stock finished at $0.52 on Thursday, October 16. Nonetheless, despite the surge, it is still over 95% under its peak achieved in 2019, as highlighted by Bloomberg.
Beyond Meat stocks started to climb on October 17, following a Business Insider article detailing how a trader named Dimitri Semenikhin was aggressively endorsing the company on his social media.
In an interview with Reuters, Semenikhin stated that it "became clear" to him that Beyond Meat, trading below $1 per share, was greatly undervalued, prompting him to buy slightly more than 4% of the free float. He confessed to being astonished by the extent and rapidity of the advancements, along with the involvement of the community,
source: bloomberg.com, reuters.com
On October 22, the stock continued to surge significantly: at its highest point, it jumped 112.4% to $7.70. In contrast, the stock finished at $0.52 on Thursday, October 16. Nonetheless, despite the surge, it is still over 95% under its peak achieved in 2019, as highlighted by Bloomberg.
Beyond Meat stocks started to climb on October 17, following a Business Insider article detailing how a trader named Dimitri Semenikhin was aggressively endorsing the company on his social media.
In an interview with Reuters, Semenikhin stated that it "became clear" to him that Beyond Meat, trading below $1 per share, was greatly undervalued, prompting him to buy slightly more than 4% of the free float. He confessed to being astonished by the extent and rapidity of the advancements, along with the involvement of the community,
source: bloomberg.com, reuters.com