Shares of plant-based meat company Beyond Meat, Inc. (BYND) are up about 16% after the company announced that celebrity Kim Kardashian will be a part of the company’s new campaign.
As Beyond Meat’s first Chief Taste Consultant, Kim will showcase Beyond Meat’s product portfolio with her recipes and creative content.
The new Chief Taste Consultant said, “As my fans know, my fridge and freezer are fully stocked with Beyond Meat’s products and I am so thrilled to be featured in the campaign as its Chief Taste Consultant to inspire people to include Beyond Meat in their diets.”
Kardashian added, “I am really inspired by Beyond Meat’s mission and love that they are not only making plant-based eating delicious and accessible but are doing so in a way that benefits both people and the planet.”
Under the campaign, Kim will share her favorite products from Beyond Meat via the company’s newsletter. This will also include exclusive offers, recipes, and content, among other things.
Celebrity endorsements can mean massive reach for a brand. Kim Kardashian has over 300 million followers on Instagram and over 70 million followers on Twitter.
Hedge Funds Lap Up Beyond Meat
The TipRanks database highlights two vastly different trends for the stock. Wall Street has a Moderate Sell consensus rating on the stock based on seven Holds and four Sells. The average price target of 25.50 implies the stock may fall a further 3% from current levels.
Meanwhile, hedge funds seem to have developed an appetite for Beyond Meat. Hedge funds have lapped up 596,400 shares of the company in the last quarter and have a very positive confidence signal in the stock.
Most importantly, the big names—Ray Dalio, Philippe Laffont, and Cathie Wood—have picked up Beyond Meat shares. Dalio’s Bridgewater Associates has increased its holding by 107%; Wood’s ARK Investment has increased its holding by 26%; and Laffont’s Coatue Management has made a fresh entry with a stake of about $24.36 million.
However, BYND shares have slid nearly 60% so far in 2022.
While Beyond Meat’s recent Q1 performance was less than appetizing, the impact of celebrity endorsement is already visible on the share price. Kardashian’s vast army of followers can potentially provide a strong boost for the company’s product offerings.
Positive hedge fund actions, coupled with marquee names on the Street, may indicate potential outperformance in the coming periods.