Beyond Meat (NASDAQ:BYND) Stock Surged 20% on Memestocks Craze

Beyond Meat (NASDAQ:BYND) stock is experiencing a rally on Tuesday, with investors hoping for a squeeze on the meat-alternative company's shares. With 25,356,827 shares shorted, that's roughly 40.97% of the company's float, BYND has an outstanding short interest position of over 40% of the total float. This could be a sign that traders have added BYND to their list of meme stocks to squeeze.

The recent interest in pumping up shorted stocks and the return of Roaring Kitty, who initiated the meme stock rally of 2021, are contributing to the rally. If 2024 can mimic 2021, it will be good news for meme traders as several meme stocks rise as they work to push shorts out of them. Today's movement could be a sign that these traders have added BYND to their list of meme stocks to squeeze.

BYND stock is experiencing heavy trading today, with more than 12 million shares being traded, above its daily average trading volume of about 3.7 million shares. BYND stock is up 20.1% as of Tuesday morning and 17.5% since the start of the year.

Beyond Meat (BYND) has an outstanding short interest position on it of over 40% of the total float, which could be in harm's way if the meme rallies across the market continue. The company reported an 18% drop in sales and its 15th consecutive quarterly loss, both of which were worse than what Wall Street expected.