Hooters operator's shares soar as it joins the Beyond Meat universe

[NEW YORK] It may be a bit early in the trend, but faux meat may be the next fintech, or even marijuana.

Hooters operator Chanticleer Holdings, which also owns and runs restaurants under the American Burger Company, BGR - Burgers Grilled Right, Little Big Burger and Just Fresh brands, announced on Wednesday that 50-plus individual store locations would partner with Beyond Meat - 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 favour 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 per cent 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 initial public offering last week. The stock gained 1.2 per cent 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 per cent since trading began, while the S&P 500 notched losses of nearly 1.5 per cent.

BLOOMBERG