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Four Vegan Food Stocks Performing Beyond the Norm

Pickled chickpeas in a glass jar. Turkish peas. Food stocks. Top view.

Key Points

  • Beyond Meat Inc. recently beat estimates, suggesting the industry might be poised to grow. 
  • Several new companies have emerged in the past few years, but not all are equally ready to compete.
  • While many of these stocks have a "hold" rating, they are definitely worth watching. 
  • 5 stocks we like better than Beyond Meat

Plant-based meat alternatives are growing in popularity, and that could make them a solid long-term investment as well. This is particularly true for the many new publicly-traded vegan food companies today. As reported in a story last weekBeyond Meat Inc. NASDAQ: BYND shares jumped more than 10% after the company posted smaller-than-expected losses for the recent quarter. And many emerging peers and enduring competitors are now looking to see similar promises down the road. 


With a barely a year-old IPO, Oatly Group AB NASDAQ: OTLY has already helped make oat milk the second-best-selling alternative after almond milk. Oatly has been developing oat-based dairy alternatives like milk, yogurt, spreads and ice cream for 30 years. These developments have led to a 1.26 billion market cap, competing with Beyond.

Oatly is also similar to Beyond in that it has yet to be profitable. Earnings to grow as revenue shot up to $643.2 million in 2021, an increase of more than 52%. Although Oatly earnings have not yet gone green, the company may recover the 68% loss value on the year.

Its $6.94 price target is not only affordable, but it also represents a notable 225.7% upside. In addition, the stock has already started a rebound, having climbed at least 35% over the last quarter. The overall oat milk market grew from $2.76 billion to $3.05 billion last year. Last year, the alternative-dairy market was worth at least $35 billion and should reach $123 billion by 2030. That means there is much room for even more growth for Oatly stock, likely contributing to Oatly's "moderate buy" rating. 

Tattooed Chef

The only plant-based frozen food company on this list, Tattoed Chef Inc. NASDAQ: TTCF, specializes in ready-to-cook plant-based meals and ready-to-eat foods. The company went public in late 2020 through a special purpose acquisition company (SPAC), which indicates encouraging interest in the budding firm. That SPAC helped bring TTCF to an impressive market cap of $121.3 million.

In 2021, TTCF revenue jumped nearly 44% to $213.4 million. While Tattooed Chef's products are now available in approximately 4,300 retail locations, 90% of sales come from the top three grocery companies. Unfortunately, this hints at high customer concentration risk and low growth potential if it can't find new retail clients. 

At $1.36 a share right now, TTCF is among the cheapest stock in its sector. With a 342.1% upside, it has the most promise. Still, analysts have given the stock a "hold" rating, which could result from earnings not yet in the green (but growing). Also, Tattooed Chef stock is down more than 88% since last year and its recent incremental growth is nothing to get excited about. 

Local Bounti

Founded in 2018, Local Bounti Corporation NYSE: LOCL grows lettuce and herbs through a patented technology called "stack and flow." This innovative vertical farming technique is significantly more environmentally sustainable than traditional farming, using 90% less water and occupying 90% less land while increasing harvest efficiency.

While the company has minimal revenue, its November 2020 SPAC suggests greater investment confidence than the average IPO. At 75 cents, LOCL is a true penny stock with potential. This specifically includes a 281.95% upside and earnings on the rise. However, earnings per share won't be in the green until late in the year, and Local Bounti stock remains down nearly 88% over the last 12 months. Consider heeding the "hold" rating, at least for now.


While it may not be the most widely-spoken name in the plant-based meat industry, AppHarvest NASDAQ: APPH is among the best-regarded agriculture stocks. With a $108 million market capitalization, it is certainly not small, but its inventory is currently limited to tomatoes. However, it plans to expand, which should help the company accomplish its financial goals. 

Another of these goals is to continue revenue growth. For example, while 2022 revenue was between $24 and $32 million, the company projects pre-EBITDA revenue that could touch $450 million by 2025. On top of that, analysts anticipate the $2.75 price target represents a 281.9% upside, which could help turn things around since the AppHarvest stock has been in decline for at least the last quarter and down nearly 88% since last year.

Should you invest $1,000 in Beyond Meat right now?

Before you consider Beyond Meat, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Beyond Meat wasn't on the list.

While Beyond Meat currently has a "Strong Sell" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Beyond Meat (BYND)
1.7287 of 5 stars
$7.32+0.3%N/A-1.42Strong Sell$5.56
Oatly Group (OTLY)
2.1214 of 5 stars
$1.16-0.9%N/A-1.45Moderate Buy$2.11
AppHarvest (APPH)
0 of 5 stars
Tattooed Chef (TTCF)
0 of 5 stars
Local Bounti (LOCL)
1.0319 of 5 stars
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