Shares of fake meat company Beyond Meat soar as market tanks

The El Segundo, California-based company makes "plant-based meat" products now sold at Safeway, Whole Foods and featured on the menus of Carl's Jr., Del Taco and TGIF among others.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.

Shares in Beyond Meat were up more than 8% in late-day trading on a rough day that saw the Dow, Nasdaq, and S&P 500 all down more than 2%. The spike followed a "buy" rating, which set a price target around $81. The stock is currently trading around that price. Bernstein analyst Alexia Howard noted that the newly public company faces some competition in Impossible Burger and forthcoming products planned by Nestle and Tyson. But the fact that Beyond Meat has already mastered mass-manufacturing of its non-GMO, plant-based products gives the Southern California company an edge.

Alternative protein products, which are generally higher-priced than their traditional counterparts at major restaurant chains today, may become more appealing budget-wise in the near future, due to global food safety concerns."The African Swine Fever situation in China could drive global meat prices up sharply, across pork, beef and chicken.

Beyond Meat priced its initial public offering at $25 a share last week on Wednesday, and raised at least $240 million at an initial valuation slightly shy of $1.5 billion. The company has notched the

Ford did not tank. It was up a penny.

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