Benzinga | Nov 3, 2021 12:38PM EDT

Why Beyond Meat Shares Are Grinding Higher Today

Beyond Meat Inc (NASDAQ:BYND) is trading higher Wednesday after the McPlant became available at eight U.S. McDonald's Corp (NYSE:MCD) locations.

Beyond Meat announced a three-year strategic global agreement with Mcdonald's in February. During the length of the agreement, Beyond Meat will be McDonald's preferred supplier for the patty in the McPlant, which contains no beef. The patty is made from plant-based ingredients like peas, rice and potatoes.

The small-scale U.S. test release follows the release of the McPlant in the Netherlands, Denmark, Sweden, Austria and the United Kingdom.

"This particular test will help us understand how offering a burger with a plant-based patty impacts the kitchens in our restaurants. The McPlant was created to give customers more delicious options in addition to the McDonald's burger line-up you know and love," McDonald's said.

Beyond Meat is a provider of plant-based meats, such as burgers, sausage, ground beef and chicken.

BYND Price Action: Beyond Meat has traded as high as $221 and as low as $91.55 over a 52-week period.

The stock was up 5.46% at $104.61 at time of publication.

Photo: courtesy of McDonald's.