Retail investors pile into Wendy’s shares after viral WallStreetBets post highlights new CFO hire and potential buyout.
Wendy’s (WEN) stock surged nearly 30% Wednesday as retail traders on Reddit’s WallStreetBets forum targeted the fast-food chain. Users cited new leadership, store closures, China expansion, and a possible buyout by Nelson Peltz’s Trian Fund Management as catalysts for the rally.
The company has faced declining same-store sales, including a 5.5% drop last quarter, and lagging foot traffic. Wendy’s appointed Steve Cirulis as CFO Tuesday, following CEO Bob Wright’s May hiring, both credited with prior turnarounds at Potbelly.
WEN joins a list of meme stocks driven by retail investors, including AMC and GameStop, after WallStreetBets gained prominence during the 2021 trading frenzy.