Beyond Meat’s Valuation Is ‘Absurd,’ Says Stock’s First Short
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Now that Beyond Meat Inc. has soared about 225 percent since going public last week -- and saw the strongest first day of trading for an IPO since the 2008 financial crisis -- the first skeptics on Wall Street are coming out with guns blazing.
The valuation has become "absurd" and the stock should pull back soon, according to Atlanta-based Harrington Alpha Fund founder Bruce Cox. His newly launched long/short fund initiated a short position in the stock on Wednesday, the first fund manager to go on record as questioning Beyond Meat’s runup.