Why Beyond Meat Stock Is Up Today

Key Points

Beyond Meat is diversifying its product lineup and distribution methods. The provider of meat alternatives wants to give people more ways to eat steak.10 stocks we like better than Beyond Meat ›

Shares of Beyond Meat (NASDAQ: BYND) rallied on Tuesday after the plant protein company announced the launch of a popular product at Wegmans and H-E-B.

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Plant-based steak could be coming to a supermarket near you

The Beyond Steak Filet is now available for the first time at grocery stores. With 28 grams of plant protein and only 1 gram of saturated fat per serving, the tasty alternative meat meal has earned "overwhelmingly positive feedback" and is the top-selling product on Beyond Meat's e-commerce site.

"I believe Beyond Steak Filet is our most compelling center-of-the-plate innovation since the Beyond Burger," CEO Ethan Brown said in a press release.

H-E-B has more than 455 stores in Texas and Mexico. Wegmans operates 114 stores along the Eastern U.S.

Beyond Meat's business could use a boost

Amid slumping sales, Beyond Meat is attempting to diversify its product lineup.

The company launched a line of plant protein-infused drinks with fiber, antioxidants, and electrolytes in January, marking its entrance into the high-growth functional beverage market. In April, Beyond Meat struck a distribution deal with Big Geyser to help bring those drinks to over 26,000 retail outlets.

Investors are hoping that these moves will help to stem the decline in Beyond Meat's sales. The company's revenue fell 15% year over year to $58 million in the first quarter.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Beyond Meat. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.