The international symbol for a stonking stock
(Picture: Reddit)Wall Street-watchers on Reddit suddenly have a new favorite meme stock: Wendy’s.
The fast food chain saw a 25% increase in their stock value after r/wallstreetbets decided to make the company’s value soar.
According to The Street, Wendy’s Co. (WEN) opened on Thursday at the record-high price of $27.38. By noon that value had settled to about $27.20. That means it’s stonked - internet slang for stock soaring, based on a wacky meme pictured above.
CNN reports that the burger place became a new big ticket item after Reddit users, celebrating the brand’s “chicken tendies,” realized it was a no-brainer for them to support the chain.
The relationship is straightforward: “Tendies” is a WSB code for trading profits, and used on the subreddit, and also what people call chicken tenders. They were also impressed by the social media presence the brand was built - and, for some people, the food they make as well.
“I’m reading this at Wendy’s,” wrote one user on r/WallStreetbets, “so you know I’m in.”
But a lot of users felt it was a good idea even without the word association.
"Frenzy+scarcity+low volume means minimal buys could push the price quickly," one Reddit user wrote.
And professional money makers are excited about the move too.
“Wendy’s ($WEN) a huge favorite of @MadMoneyOnCNBC gets nice push from Reddit,” tweeted Jim Cramer on Thursday. “I think it deserves to be higher.”
Wendy's ($WEN) a huge favorite of @MadMoneyOnCNBC gets nice push from Reddit. I think it deserves to be higher.
— Jim Cramer (@jimcramer) June 8, 2021
The Wall Street-focused subreddit previously made headlines by making GameStop and AMC values sore, also out of love for meme-centric chaos. Those two are still going strong, per The Street.
Still, several professionals say investing now in the fast-rising burger stock could be a risk.
New meme stock alert? Wendy's is up 25% today on fresh interest from some Reddit traders. @GinaVSanchez and @Gradient_Invest's Michael Binger weigh whether they'd take a bite. $WEN pic.twitter.com/dODzFuvjZJ
— Trading Nation (@TradingNation) June 8, 2021
Wendy’s, notorious for meme-centric tweets, is simply going along with the memeification of their value, apparently. On Thursday they tweeted “Did you hear we have a new salad?” to widespread praise.
*Wendy’s stock casually up 25%* https://t.co/kiyjZF4DHH
— VeroTrade (@vero_trade) June 8, 2021
