The newly-public companies saw their stocks rally by double-digits after beating Wall Street expectations in their first earnings reports since their recent IPOs.
"I say two cheers for Zoom and Beyond Meat," theSince listing on the Nasdaq in early May, Beyond Meat's stock is now worth less than $139 — nearly six times its debut price. The faux meat company, which produces plant-based burgers,for the quarter — Wall Street expected less than $39 million — and boosted gross profit margin by more than 1,000 basis points year-over-year.
"They're adamant that they make a better burger, and they believe that there's still a ton of room to grow as the meatless category is still just at 2% household penetration," he said. "No wonder the stock exploded higher." in its first public report. The company reported about 7,700 new customers and four deals that will bring in more than $1 million each year, Cramer noted., but Cramer highlighted that it landed a positive note from J.P. Morgan saying the quarterly results "underscore our confidence in Zoom as our favorite stock even with the current valuation level."
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