Beyond Meat extends its post-IPO surge to 734%, breaking the $200-a-share threshold for the first time

• Beyond Meat has now spiked as much as 734% from its initial public offering price.
• The latest gains come amid expectations the company will report strong second-quarter earnings.
• The stock broke the $200-a-share threshold for the first time on Tuesday, giving the Beyond Meat a market cap exceeding $12 billion.
• While analysts have positive views of Beyond Meat, many have a hard time justifying that market valuation for the newly public company.
• Watch Beyond Meat trade live on Markets Insider.

Beyond Meat continues to rise ahead of its second-quarter earnings.

Shares of the newly-public company soared more than 7% in early trading Tuesday, extending its post-IPO gains to as much as 734%. The gains also lifted shares above the $200-a-share threshold for the first time.

These latest milestones come amid optimism around Beyond's second-quarter earnings report on July 29. It's largely expected that the company will beat analyst expectations, delivering a repeat of its first-quarter 2019 earnings.

When Beyond released that it had beat analyst expectations in the first quarter, the stock climbed more than 20%. Investors are clearly hoping that history repeats itself.

Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.

However, the company's market valuation of more than $12 billion has some Wall Street analysts puzzled. Out of the nine analysts tracked by Bloomberg, eight have "hold" ratings on the stock, while one has issued a "sell."

While consumer sentiment towards the company appears positive, many analysts just don't think that Beyond should be worth this much. For context, it's current market cap is roughly the same as Campbell Soup, which has produced staples for American households for decades.

The stakes for Beyond are high, considering the market for plant-based meat could reach $140 billion in the next decade, according to an estimate from Barclays.

Right now, there are few other options for investors looking to capitalize on plant-based meat, as Beyond Meat is the first company of its kind to go public. And while other, more traditional companies such as Tyson Foods are getting in on plant-based meat alternatives, those companies don't appeal to investors looking to sidestep traditional animal protein.