Beyond Meat shares spike another 14%, leaving Uber in the dust after IPO

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.

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