Wendy's Stock Surges 25% After Reddit's WallStreetBets Targets Fast-Food Chain
Shares of fast-food chain Wendy's (WEN) surged nearly 26% on Wednesday, closing at $7.86 after a Reddit-driven meme stock rally. The movement originated from a post on r/WallStreetBets titled 'We need to save Wendy's,' which garnered over 18,000 upvotes and highlighted the stock's 66% decline over the past five years. Trading volume exploded to over 203 million shares, far exceeding the typical average of less than 10 million. Despite the spike, WEN remains down 36% in the last year. In related crypto activity, a meme coin version of the stock (WEN) on Solana's Pump.fun reached a $439,000 market cap, a 1,450% gain. The original Reddit poster promoted this token in their bio. This event echoes previous meme stock surges involving GameStop, AMC, and Blackberry, reflecting retail investor coordination on social media.
Key facts
- Wendy's stock surged 25% on Wednesday after Reddit's WallStreetBets targeted it.
- A post titled 'We need to save Wendy's' received over 18,000 upvotes.
- Trading volume spiked to 203 million shares, far above the 10 million average.
- A meme coin version of WEN on Solana reached $439,000 market cap, up 1,450%.
- Despite the rally, WEN is down 36% in the last year and 66% over five years.