Beyond Meat Partnering with DoorDash; BYND Rises 5%

Beyond Meat, Inc. (BYND), a provider of plant-based meat products, and online food delivery platform DoorDash, Inc. (DASH), are partnering to launch limited-edition summer grilling kits featuring the new Beyond Burger. Shares of BYND rose 5.2% to close at $155.70 on June 28.

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Many Americans enjoy grilling in summer, especially during the Independence Day weekend. The July 4^th grilling kit helps last-minute buyers get grilling essentials delivered to their doorsteps in less than an hour.

The kits will be available exclusively on DashMart, a new convenience store owned, operated, and curated by DoorDash for on-demand delivery in 14 cities. Along with the Beyond Burger, the kit also includes an apron, a grilling mitt, grilling tools, a bottle opener, and a recipe card.

As per a national survey of 1,000 U.S. adults, around 78% of Americans want plant-based meat for BBQs, with nearly 91% needing supplies in a pinch.

Beyond Meat’s VP of Retail Sales, Rebecca Infusino, said, “There’s nothing more classic and delicious than a perfectly grilled, juicy burger on a hot summer day. We’ve made this classic pastime even better this summer with the great taste and nutritional benefits of our newest Beyond Burger and the unbeatable convenience of having it delivered to your BBQ in under an hour.” (See Beyond Meat stock chart on TipRanks)

Andrew Ladd, Director of New Verticals at DoorDash said, “We’re committed to bringing customers all the best of their neighborhoods for every occasion. And as summer gets underway, we’re excited to unveil this exclusive kit perfect for any BBQ while giving people access to the essentials they need on-demand.”

J.P. Morgan analyst Kenneth Goldman recently reiterated a Sell rating on BYND after discussion with several Dunkin’ locations. As per Goldman, Dunkin’ has discontinued its breakfast offering, which served Beyond Sausage. He has also heard of the discontinuation of Dunkin’s breakfast wrap that uses Beyond products.

The stock has an overall Hold rating based on 2 Buys, 6 Holds, and 4 Sells. The average analyst Beyond Meat price target of $119.89 implies 23% downside potential from current levels.