Bitcoin is sinking Wednesday, but retail investors have their eye on a different risk ***** et, helping shares in fast-food chain Wendy's (WEN) surge nearly 26%.
The McDonald's and Burger King rival sank as low as $6.08 per share in early week trading, but finished Wednesday trading at $7.86, a more than 25% daily increase after the recently frosty stock was tagged on Reddit as a franchise in need of saving. Shares rose as high as $8.89 in Wednesday trading, and are rising again in after-hours trading as of this writing.
A post entitled "We need to save Wendy's" has been upvoted more than 18,000 times on popular investing forum r/WallStreetBets, which gained fame and notoriety for kick-starting the GameStop meme stock saga behind the rallying cries of Keith Gill, also known as RoaringKitty.
"We need to save Wendy's before it's too late," the post reads, highlighting the firm's drastic share price decline in recent years. "If this company goes bankrupt, we'll all be out of a job!"
Not only are shares surging, but trading volumes have exploded, with more than 203 million shares having traded hands prior to market close on Wednesday. By comparison, the stock typically averages less than 10 million shares traded, according to data from Yahoo Finance, a daily increase of 1,970%.
The McDonald's and Burger King rival sank as low as $6.08 per share in early week trading, but finished Wednesday trading at $7.86, a more than 25% daily increase after the recently frosty stock was tagged on Reddit as a franchise in need of saving. Shares rose as high as $8.89 in Wednesday trading, and are rising again in after-hours trading as of this writing.
A post entitled "We need to save Wendy's" has been upvoted more than 18,000 times on popular investing forum r/WallStreetBets, which gained fame and notoriety for kick-starting the GameStop meme stock saga behind the rallying cries of Keith Gill, also known as RoaringKitty.
"We need to save Wendy's before it's too late," the post reads, highlighting the firm's drastic share price decline in recent years. "If this company goes bankrupt, we'll all be out of a job!"
Not only are shares surging, but trading volumes have exploded, with more than 203 million shares having traded hands prior to market close on Wednesday. By comparison, the stock typically averages less than 10 million shares traded, according to data from Yahoo Finance, a daily increase of 1,970%.
1 month ago
