In a new deal announced Thursday, Beyond Meat said its new meatball line will be available at select Costco locations nationwide including New York, New Jersey and California. Beyond Meat first entered Costco in late 2019 via its Beyond Burger. The meatballs will fetch $9.99 for a 24 count.
Typically, a package of 12 Beyond Meat meatballs could go for more than $8.00 depending on where you purchase it. They have a suggested retail price of $6.99. The Costco price likely reflects an initial promotional offer to drive trials among club members who may not be too familiar with Beyond Meat. (This writer paid $3.49 for a package of Beyond meatballs when they first started to appear at supermarkets in the fall, for instance.)
Nevertheless, it’s another solid win for Beyond Meat as it rounds the corner and heads into 2021. The company recently debuted two new versions of its Beyond Burger, both being lower in fat relative to its predecessor. Beyond also just inked a deal with Yum! Brands owned Pizza Hut to have its plant-based meat on its pizzas.
The year-end deal making for Beyond Meat could start to get the stock back in the good graces of Wall Street.
Recall that Beyond Meat shares have shed nearly 30% from their all-time high in October as third quarter earnings fell well short of estimates as the COVID-19 pandemic hurt sales. The results have led to analysts cutting their sales and profit estimates on Beyond for the balance of 2020 and 2021.
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