OTLY - Why Oatly Stock Jumped Today
2023-03-20 13:31:30 ET
Shares of oat milk company Oatly (NASDAQ: OTLY) jumped on Monday after announcing a partnership with fast-food giant McDonald's . As of noon ET, Oatly stock was up 7%, but it had been up as much as 12% earlier in the day.
According to an official press release, Oatly is partnering with McDonald's in Austria. Specifically, McDonald's McCafe will use Oatly's Barista Edition beverages -- oat milk that's foamable when warmed, just like regular milk. McDonald's says it's adding it to the menu in all locations in Austria in response to consumer demand for plant-based options.
Last week, Oatly reported financial results for the fourth quarter of 2022. And in the conference call to discuss Q4 results, CEO Toni Petersson said, "Our supply chain is finally able to fulfill all orders and strengthening customer relationships to drive volume growth in 2023."
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Why Oatly Stock Jumped Today