Wendy's shares extend meme-stock rally as retail traders drive gains

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Wendy's meme-stock rally

Highlights

Wendy's shares surge 12% in premarket trading Thursday after a 25.7% jump in the previous session, marking the largest advance since June 2021.
Retail traders on Reddit forums drive the rally by targeting Wendy's as a new meme stock following the appointment of Steven Cirulis as CFO and chief strategy officer.
Reddit posts, including a $350,000 position screenshot and viral memes, push Wendy's into the most-discussed stocks on forums like WallStreetBets, intensifying speculative momentum.

Social-media buying lifts Wendy's stock

As reported by CNBC, Wendy's shares rise another 12% in premarket trading on Thursday after climbing 25.7% in the previous session, their biggest advance since June 2021. The move is widely seen as driven by retail momentum rather than fundamentals, with traders on Reddit forums embracing the company as a new meme-stock target.

The rally starts after Wendy's announces the appointment of former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer. Don Bilson, head of event-driven research at Gordon Haskett, writes in a note that the "Reddit crowd hijacks stock," linking the move to renewed activity from the WallStreetBets community.

Bilson says GameStop remains the original meme stock and credits its status to retail traders organized through Reddit. He adds that the same online trading crowd is now turning its attention to Wendy's, whose corporate home is in Columbus, Ohio.

Reddit posts intensify speculative momentum

Posts on Reddit increasingly portray Wendy's as a company worth "saving" after years of stock-market underperformance. One widely shared WallStreetBets post urges fellow traders to rally behind the restaurant chain under the title "We need to save Wendy's."

Another user shares a screenshot showing a roughly $350,000 position in Wendy's stock with the caption "$WEN to the moon - 350K YOLO," drawing hundreds of comments and upvotes. A separate meme post encourages investors to "pump those numbers up," joking that buying only one meal's worth of Wendy's stock amounts to "rookie numbers."

The burst of online enthusiasm helps push Wendy's into the ranks of the most-discussed stocks on Reddit trading forums, according to data compiled by Swaggy Stocks.

Our earlier analysis of Tesla highlighted a split outlook: strong long-term potential from the fast-growing energy storage market, but near-term pressure from weak technical signals and legal uncertainty. We noted TSLA breaking below the $382 support level, with downside targets around $367.70 and potentially $337.25 unless buyers reclaim key levels above $400.

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