Chart of the Day - Wednesday, October 23rd, 2019
October 23, 2019
Today’s Chart of the Day was shared on Twitter by Charlie Bilello (@charliebilello). It's a daily candlestick chart of Beyond Meat ($BYND). Shares of the plant-based meat company surged in their first three months as a public company. The rally seemed to be fueled by momentum and fear-of-missing out. The company went public in early May at an IPO price of $25 a share and peaked around $240 at the end of July. Since then, the stock has taken quite a beating. Charlie points out that the stock is now down 60% from its peak. The chart serves as an excellent reminder to always be skeptical of "hype" in the markets and that parabolic advances are often followed by sharp corrections.