Wendy’s On the Rise In Latest Wallstreetbets Meme-Stock Saga

Published on: 08 Jun, 2021

Shares of Wendy’s Co. (NASDAQ: WEN) have soared over 20% from yesterday’s close as members of Reddit’s Wallstreetbets forum have fueled another meme driven rally. In the last 24 hours, the fast food chain has jumped from 19th place to 6th on the list of Reddit’s trendiest stocks. Users on Wallstreetbets have been posting ‘Chicken Tendies’ in jest, a term used to reference one’s profit on any given stock. Wendy’s has taken note of the Wallstreetbets fueled rally as a spokesperson for the Company stated, "We’re aware of the unusual trading activity this morning and we’re closely monitoring.”

Earlier this year, Wallstreetbets members sent a clear message to hedge funds that they would artificially pump any stock with massive short interest that they deem is unjustified. However, unlike other stocks targeted by Reddit users, including AMC Entertainment Holdings, Inc. (NASDAQ: AMC), Gamestop Corp. (NYSE: GME), and Clover Health Investments Corp. (NASDAQ: CLOV), Wendy’s does not have any significant short interest with just about 4.6% of its share float shorted. Ironically enough, Wendy’s top shareholder is a hedge fund, Triad, which owns a 12% stake in the Company.

Wendy’s recently beat analysts’ first quarter earnings expectations with USD 460.2 Million in revenue. The Company's U.S. sales have also risen 13.5%, as Americans feel more comfortable dining at restaurants with the rollout of COVID-19 vaccines. CNBC Mad Money host Jim Cramer seems to approve of this latest ‘meme-stock’ rally as earlier he tweeted, “Wendy's ($WEN) a huge favorite of @MadMoneyOnCNBC gets nice push from Reddit. I think it deserves to be higher.”

Ratings

Ratings
  • 790Views
  • 8Comments

Recommend to Friends

  • facebook
  • Twitter
  • google plus
  • pinterest
  • Digg
  • stumbleupon
  • Reddit
  • linkedin

Leeor Sellouk

Email: leeor@financialinsiders.com

@Newsletter

Sign Up for Weekly Updates

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!

Related Posts

29 Jun, 2017 2109
06 Jul, 2017 2728
21 Jul, 2017 1962
28 Jul, 2017 2662

8 Comments

Announc

Jun 29, 2021 at 10 16 pm

generic kamagra[/url]

REPLY (0)

Ageneta

Jul 03, 2021 at 03 52 am

REPLY (0)

Ageneta

Jul 14, 2021 at 03 34 pm

lasix shop

REPLY (0)

Announc

Jul 17, 2021 at 07 36 am

buy tamoxifen withought prescription

REPLY (0)

Ageneta

Jul 31, 2021 at 03 44 pm

cheapest cialis online

REPLY (0)

Announc

Aug 04, 2021 at 03 03 pm

cialis online pharmacy

REPLY (0)

Ageneta

Aug 22, 2021 at 04 46 pm

cheap generic cialis

REPLY (0)

Announc

Aug 25, 2021 at 04 29 pm

where to buy cialis cheap

REPLY (0)