Newly minted meme stock Beyond Meat extends its scorching 3-day run to nearly 900%

• Beyond Meat's blistering stock rally is pushing into the middle of this week.
• The stock jumped as high as 73% on Wednesday.
• This surge takes its gain to almost 900% as retail investors.

The move:Beyond Meatspiked another 73% on Wednesday, bringing its three-day gain since last Friday's close to 866%.

Year-to-date, shares are up 56%.

The chart:

Why: The new meme stock has been picking up momentum in the last week as retail traders set their sights on the plant-based meat company around the time it tumbled to an all-time low last Wednesday.

The gains began to stack up this week as a Dubai-based retail trader namedDimitri Semenikhinannounced that he had purchased a significant amount of the shares outstanding.

SemenikhintoldBusiness Insider that he saw misconceptions around a recent convertible note exchange, and also believes the business has high potential for a turnaround. Backing up his argument, the company this week announced a new distribution deal with Walmart that helped the stock surge on Tuesday.

Now, it seems the stock is in the grip of a retail frenzy that some online are hoping will go the way ofGamestop,the original meme-stock short squeeze.

The stock was also added to a popularmeme stock ETFmanaged by Roundhill Investments this week.

What it means: While Beyond Meat stock continues to surge and interest from retail traders remains high, the day-trader who's been cheering it on admits that it remains unclear how high it can go.

"Fundamentals, I think, suggest a $6-8 [price per share] in the medium term," Semenikhin told Business Insider, after previously moving hisprice targetfrom $2.50-$3 to $6 a share as the stock rallied.