Retail traders drive Wendy’s shares higher for a second day, lifting the stock 37% in two sessions amid social-media hype.
$WEN jumped 12% in premarket trading Thursday, extending a 25.7% gain from the prior session as retail investors targeted the fast-food chain. The rally, the stock’s strongest since June 2021, follows social-media calls to “save” Wendy’s after years of underperformance.
The surge coincides with the appointment of Steven Cirulis as CFO and chief strategy officer, though analysts note the move is detached from fundamentals. Reddit’s WallStreetBets forum fueled the momentum, with one post showcasing a $350,000 position in $WEN.
The stock’s rise mirrors past meme-stock frenzies, including GameStop’s 2021 rally, driven by coordinated retail trading. Wendy’s, based in Columbus, Ohio, has become the latest target of the trend.