(Bloomberg) -- PepsiCo Inc. and Beyond Meat Inc. are planning a vegan jerky snack as the first product in their joint venture, according to people familiar with the matter, setting up a test of whether the food giant’s marketing muscle can build enthusiasm for plant-based meat.Most Read from BloombergEarly Omicron Breakthroughs Show MRNA Vaccines’ WeaknessStocks Drop as Selloff Puts Nasdaq Into Correction: Markets WrapWhy Some Vaccinated People Resist Omicron and Others Don’tBiden Expects Russia
Like it or not, the world's consumers are slowly shifting away from real meat to plant-based alternatives.
There was no company-specific news out on Beyond Meat today, but yesterday, Financial Times noted that it had become one of the most shorted stocks on the U.S. stock market. According to Financial Times, 42% of the Beyond Meat float is now sold short, higher than any other Russell 1000 stock, meaning a significant percentage of investors are betting on the stock to fall. Financial Times went on to say that investors had become concerned after the company said in October that third-quarter revenue would be short of its guidance at just $106 million compared to the previous range of $120 million to $140 million.