International fast food chain Wendy’s grew by as much as 19% on Tuesday after scoring interest from retail investors on Reddit, Markets Insider reported.
- Redditor Chillznday in a post on popular subreddit WallStreetBets said Wendy’s is “literally the perfect stock for this sub” citing several reasons saying “I just really like the stock, and Wendy’s.”
- Among the reasons the user noted are fast food chain’s salad lineup for the summer, its flair for posting memes on Twitter, and its online relationship with GameStop Corp. as both firms have been roasting each other and feeding off each other’s posts online.
- The redditor also noted the chicken “tendies” offering which has become online terminology for retail traders looking to post gains.
- Chillznday likewise noted Wendy’s implied low volatility with a 17-million share public float and 4% short interest.
The Reddit post has since gained just under 1,000 upvotes as of Tuesday morning. WEN is up 16.17% while GME is up 4.87%.