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.