PHOTO: CNN
Now playing
01:49
Investor stays bullish despite Beyond Meat downgrade
PHOTO: Taco Bell
Now playing
01:31
Chicken sandwiches are big business. See them all
PHOTO: CNN
Now playing
01:32
These are the racist origins of Aunt Jemima and Uncle Ben's
Now playing
01:16
See Burger King's retro new logo and uniforms
Now playing
03:39
This vegan restaurant is actually opening locations during the pandemic
PHOTO: Stew Leonard's
Now playing
04:46
Stew Leonard's CEO: We have plenty of food
PHOTO: Lifetime
Now playing
02:34
Mario Lopez stars as KFC's Col. Sanders in steamy movie
Now playing
02:48
Goldbelly is shipping food from iconic restaurants nationwide
Now playing
02:46
Why the world's largest ice cream company is betting on home delivery
screengrab mcplant
PHOTO: Getty Images
screengrab mcplant
Now playing
02:05
Internet mocks McDonald's new meatless burger
bacon mask 2
PHOTO: CNN
bacon mask 2
Now playing
02:00
This company is giving away bacon-scented face masks
Now playing
02:19
People are brewing fancier coffee at home. That's good for this company
Patrick Stewart and Mark Hamill, two legendary cultural icons, come together to settle the greatest debate of all time - what
PHOTO: Uber Eats/Youtube
Patrick Stewart and Mark Hamill, two legendary cultural icons, come together to settle the greatest debate of all time - what's for dinner?
Now playing
01:00
Uber Eats' new ad pits Luke Skywalker against Capt. Picard
Now playing
02:42
Imperfect Foods' business is booming during the pandemic
PHOTO: Milk Processor Education Program
Now playing
01:05
Watch the new 'Got Milk?' ads
Now playing
02:45
This small business stood for a century, but Covid-19 closed it in months
(CNN Business) —  

Shares of Beyond Meat surged in early trading Tuesday after the plant-based protein company announced plans to start selling “ground beef” in grocery stores – but the stock had given up all its gains by late morning in a wild day of trading.

Beyond Meat (BYND) stock opened at just above $200 a share — a more than 700% pop from its initial public offering price of $25 – before pulling back to around $170. That still values Beyond Meat (BYND) at more than $10 billion.

The stock plunged briefly last week after an analyst at JPMorgan questioned the company’s valuation, saying that Beyond Meat stock had moved “beyond our price target.”

But Beyond Meat has come roaring back after the company announced that it would start selling a new patty that looked even more like real meat as well as plans for a ground version of its plant-based protein and a partnership with Tim Hortons to sell sandwiches with a Beyond Meat breakfast sausage.

Still, many analysts remain skeptical about Beyond Meat on Wall Street. The company is not yet profitable and reported just $40 million in quarterly sales earlier this month.

Beyond Meat’s stock is also a favorite target of short sellers, who borrow the stock and sell it with the hopes of buying it back at a lower price and pocketing the difference when they return the shares.

Shorts have to buy the stock back quickly or risk mounting losses. So the rising Beyond Meat price has created what’s known as a short squeeze — a panicked rush to buy the stock before it moves even higher. That has helped drive up the price.

Beyond Meat faces a host of competitors too, including meat giant and former investor Tyson Foods (TSN) and fellow startup Impossible Foods. Impossible has partnered with Tim Hortons corporate cousin Burger King on an Impossible Whopper.