Investing

Ethan Brown, founder and CEO of Beyond Meat, prepares to ring the opening bell to celebrate his company’s IPO at the Nasdaq Market site in New York, May 2, 2019.

Brendan McDermid | Reuters

Shares of Beyond Meat, which makes plant-based meat substitutes, surged more than 14% on Tuesday, adding to their stellar start in the public market.

There was no clear catalyst for the stock’s move up other than continued momentum following its successful IPO.

Beyond Meat celebrated its IPO on May 2. Its stock skyrocketed 163% that day, marking the best initial public offering of 2019.

The company’s IPO left every other debut in the dust, including Uber Technologies‘ highly anticipated foray into the public market.

Uber fell more than 7% on Friday, its first day of trading, and dropped another 10.8% on Monday. But the fall could have been worse. CNBC learned through sources that Uber underwriters employed a “naked short ” for the company’s IPO, an unusual measure that provides additional support for the stock ahead of the public offering.

Uber shares rose 4.1% on Tuesday, however.

Subscribe to CNBC on YouTube.

Products You May Like

Articles You May Like

Bank of America beats analysts’ profit estimates on retail banking strength
History shows it pays to buy Netflix for a quick trade after it plunges like this
Johnson & Johnson falls despite 42% profit spike amid talc, opioid litigation fears
Morgan Stanley beats profit estimates as rising stocks benefit wealth management and fund divisions
Slack CEO says he doesn’t see Microsoft’s reach as a threat

Leave a Reply

Your email address will not be published. Required fields are marked *