Could Hooters Be Next In Line to Serve Beyond Meat?
It may be a bit early in the trend, but faux meat may be the next fintech, or even marijuana.
Hooters operator Chanticleer Holdings Inc., which also owns and runs restaurants under the American Burger Company, BGR – Burgers Grilled Right, Little Big Burger and Just Fresh brands, announced Wednesday that over 50 individual store locations would partner with Beyond Meat Inc. — offering, designing and testing their own unique burgers.
While Hooters, the sports bar known to cater to a male-dominated audience, isn’t among the brands listed in the launch, Chanticleer’s tests may lead to wider adoption as alternative proteins find favor with diners. But one thing is for certain — investors in the micro-cap stock like what they see thus far, as Chanticleer shares soared as much as 94% Wednesday. That was its largest intraday gain since Jan. 2, 2018, when the stock spiked on the company’s plans for a crytpocurrency-based customer rewards program.
Shares in Beyond Meat, however, have continued their streak of volatility since its IPO last week. The stock gained 1.2% on Wednesday and has gained in each of the five trading sessions since going public last week. The stock has seen a total return of 222% since trading began, while the S&P 500 notched losses of nearly 1.5%.
More must-read stories from Fortune:
—In Silicon Valley, it (still) ain’t easy being green
—From 2017: Silicon Valley and the Search for Meatless Meat
—The 9 biggest IPOs of all time
—The uncomfortable truth about going public with a money-losing business
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