Value Plant-based meat producer Beyond Meat’s shares skyrocketed on early morning on Thursday.
In a very surprising turn of events, as of 10:15 AM EDT on Thursday, shares were soaring to more than 13%.
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In what is being termed as a shocking reason for many, the boost is being termed as the result of some commentary from CNBC’s Jim Cramer.
On Cramer’s show, Mad Money on Wednesday night, Cramer stated that the WallStreetBets crowd should make Beyond Meat the next meme stock to drive a short collapse.
The comment came after current profit in shares including AMC Entertainment Holdings and GameStop brought back visions of rampant gains in January as Reddit platform users came together to push those shares higher.
Cramer particularly noted that Beyond Meat has around 25% of its shares kept short, creating a scenario that could lead to sharp gains from a short squeeze.
High short positions were the one that activated users of Reddit’s WallStreetBets forum in January to force short covering in GameStop.