Beyond Meat speculators are still betting on huge stock gains after an 850% spike. 2 options-trading stats show how risky this is.

• Options activity suggests traders don't think the rally in Beyond Meat stock is done yet.
• Data shows that some traders anticipate further gains through the end of this week.
• It's risky to pile in at these levels, and two data points suggest investors should be cautious.

Beyond Meat stock has seen volatile trading on Wednesday after days of stellar gains, but options trading activity show that some investors still see big gains ahead.

A retail traderwho goes by Capybara Stocks online has been at the center of the latest meme-stock craze, but even he soundeda cautous noteon Wednesay as the rally stretched into its fourth straight session.

Data from Barchart shows just how much options traders expect Beyond Meat to swing in the coming days. Based on the share price around midday Wednesday, traders see the potential for a 62% move in either direction, putting the stock between $2.17 and $9.29 by Friday's close.

That potential volatility should be the first signal to investors that they need to be careful.

"Implied volatility is currently the highest it's been in the last 52 weeks, based on the IV Rank of 100% - which means it's incredibly expensive right now to speculate on additional price swings in this meme stock," said Barchart's Elizabeth Volk.

The other data point to be aware of is the stock's put/call ratio, which has cratered to the lowest level all year. Simply put, many more people are betting on the stock than against it.

"The put/call open interest ratio on BYND just cratered to its lowest level of 2025 as the stock has broken out, dropping from a peak of 2.35 earlier this month to its current 0.62, with calls now easily outnumbering puts," Volk added. "This leaves BYND vulnerable to another sudden shift in investor sentiment - this time on the bearish side - as traders await another catalyst."

The speculative frenzy may already be cooling. After being up over 100% on Wednesday, the stock was bouncing between gains and losses around 1:30 p.m. ET. It was down as much as 27% before bouncing back up to near-flat levels.