New York (CNN Business) Shares of Beyond Meat surged in early trading Tuesday after the plant-based protein company announced plans to start selling "ground beef" in grocery stores -- but the stock had given up all its gains by late morning in a wild day of trading.

stock opened at just above $200 a share — a more than 700% pop from its initial public offering price of $25 -- before pulling back to around $170. That still values Beyond Meat at more than $10 billion.

The stock plunged briefly last week after an analyst at JPMorgan questioned the company's valuation, saying that Beyond Meat stock had moved "beyond our price target."

But Beyond Meat has come roaring back after the company announced that it would start selling a new patty that looked even more like real meat as well as plans for a ground version of its plant-based protein and a partnership with Tim Hortons to sell sandwiches with a Beyond Meat breakfast sausage.

Still, many analysts remain skeptical about Beyond Meat on Wall Street. The company is not yet profitable and reported just $40 million in quarterly sales earlier this month.

Beyond Meat's stock is also a favorite target of short sellers, who borrow the stock and sell it with the hopes of buying it back at a lower price and pocketing the difference when they return the shares.

Shorts have to buy the stock back quickly or risk mounting losses. So the rising Beyond Meat price has created what's known as a short squeeze — a panicked rush to buy the stock before it moves even higher. That has helped drive up the price.