Beyond Meat skyrockets as expectations for the company's second-quarter earnings mount

• Investors are starting to look ahead to Beyond Meat's second-quarter earnings release on July 29.
• Shares of the plant-based meat alternative producer climbed more than 12% on Monday.
• After the company's first-quarter earnings beat expectations, shares jumped more than 20%. Analysts at JPMorgan say another earnings beat is likely.
• Watch shares of Beyond Meat trade live on Markets Insider.

Investors are setting high expectations for Beyond Meat's second-quarter earnings release on July 29.

Shares of the plant-based meat producer soared more than 12% Monday as the date of its second-quarter earnings release drew nearer. The company announced that it will release its 2Q earnings on July 29.

After its first-quarter earnings - also its first as a public company - beat analyst expectations, shares spiked more than 20%. If Beyond repeats that kind of outperformance, it could send its stock price above $200, which would represent a 700% increase from its IPO in May. The stock traded at a record above $198 apiece on Monday.

Beyond's shares have catapulted higher as demand for plant-based meat alternatives soar. While Beyond is not the only company that produces plant-based meat products, it seems to have a first-to-market advantage over competitors such as Impossible Foods that are still private.

The market for plant-based meat could reach $140 billion in the next decade, according to Barclays' estimates, and investors are piling into shares of Beyond and its partners to get in on the trend. When Blue Apron, the struggling food-delivery subscription service, announced that it was adding Beyond Meat products to its menus, shares surged more than 50%.

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Analysts have remained more balanced on the stock, generally saying that it is too difficult to justify the lofty market valuation right now. No one on Wall Street has a rating higher than "hold" on the shares, and price targets are much lower than where Beyond is currently trading. Still, analysts do see strong growth going forward for the company.

In the near-term, "we are increasingly optimistic on the stock and would own it for a trade," wrote a team of JPMorgan analysts led by Ken Goldman in a note last Tuesday. "We believe the combination of strong Nielsen results and under-appreciated growth in the foodservice channel make an EPS beat more likely than the opposite."

Analysts estimate that the company will report a loss per share of $0.09 on revenue of $52.7 million for the second quarter, according to Bloomberg data.

Shares of Beyond Meat are up 680% year to date.