Wendy's stock (WEN) surged over 25% on Wednesday after traders on Reddit's r/WallStreetBets forum launched a campaign to support the fast-food chain. Shares climbed from $6.08 in early week trading to close at $7.86, peaking at $8.89 during the session, while trading volume exploded to 203 million shares compared to the typical daily average of less than 10 million. The coordinated buying effort mirrors previous meme stock campaigns that propelled GameStop, AMC, and Blackberry, with a Reddit post titled "We need to save Wendy's" receiving over 18,000 upvotes and driving the ticker to the #1 trending spot on financial social platform StockTwits.
Reddit Campaign Drives 18,000 Upvotes and Trading Volume Spike
A post on r/WallStreetBets titled "We need to save Wendy's" accumulated more than 18,000 upvotes, warning that "if this company goes bankrupt, we'll all be out of a job." The forum, which gained prominence during the GameStop meme stock movement led by Keith Gill (RoaringKitty), flooded with individual posts showing purchases of Wendy's shares and long options trades betting on price increases. Trading volume reached 203 million shares prior to Wednesday's market close, representing a 1,970% increase from the stock's typical daily average of less than 10 million shares, according to data from Yahoo Finance.
Wendy's Stock Shows 25% Single-Day Gain Amid Multi-Year Decline
Wendy's shares finished Wednesday trading at $7.86, marking a more than 25% daily increase from the early week low of $6.08. The stock reached an intraday high of $8.89 and continued rising in after-hours trading. Despite Wednesday's surge, WEN shares remain down 36% over the last year and have declined 66% over the last five years, per Yahoo Finance data. The McDonald's and Burger King competitor has experienced what the Reddit post described as a "drastic share price decline in recent years."
Unaffiliated Solana Meme Coin Gains 1,450% in 24 Hours
A meme coin version of the stock ticker (WEN) created on Solana token launchpad Pump.fun reached a $439,000 market cap in the last 24 hours, gaining more than 1,450%. The token, which is unaffiliated with The Wendy's Company, begins with the Solana address "Eav7v." A pinned comment on the original Reddit post shows the poster promoted this same token in their profile bio. The r/WallStreetBets forum has previously driven similar price movements in traditional market stocks including movie theater chain AMC, mobile hardware operator Blackberry, and home goods retailer Bed Bath & Beyond.
FAQ
What caused Wendy's stock to surge on Wednesday?
Wendy's stock (WEN) surged over 25% on Wednesday after traders on Reddit's r/WallStreetBets forum launched a coordinated campaign to support the fast-food chain, with a post titled "We need to save Wendy's" receiving more than 18,000 upvotes and driving trading volume to 203 million shares.
How much has Wendy's stock declined in recent years?
Despite Wednesday's 25% single-day gain, Wendy's shares remain down 36% over the last year and have declined 66% over the last five years, according to data from Yahoo Finance.
What is the WEN meme coin on Solana?
An unaffiliated meme coin using the WEN ticker was created on Solana's Pump.fun launchpad and reached a $439,000 market cap with a 1,450% gain in 24 hours, though it has no connection to The Wendy's Company.
