Reddit traders are always looking for new stocks to add to their list of favorites and it looks like Wendy’s (NASDAQ:WEN) stock just made that list.
Here’s everything you need to know about Wendy’s and why it’s become the meme stock of the day over on Reddit.
- Let’s get the obvious out of the way first.
- Wendy’s is a fast-food chain that sells burgers, chicken, and other foods.
- That chicken is actually what has Reddit’s interest as they pine for “chicken tendies”.
- Well, it’s not just that.
- Redditors are also sold on the restaurant chain’s financials and recovery potential after the pandemic.
- That makes sense with Wendy’s recently announcing plans to add another 250 stores by the end of the year.
- That will bring it up to 7,000 stores and there are plans to boost that to 8,000 by the time 2025 rolls around.
- In addition to all of this, there’s some fun banter going on between Wendy’s and GameStop (NYSE:GME) over on Twitter (NYSE:TWTR).
- The two brands have been interacting with each other lately and that’s something traders on social media love to see.
- That comes as no surprise considering the love that Reddit and meme stock traders have for GME.
- The recent interest in WEN stock also has it seeing heavy trading.
- As a result, more than 33 million shares of the stock have changed hands as of this writing.
- That’s over 10 times the stock’s daily average trading volume of about 3 million shares.
WEN stock is up 15.7% as of Tuesday morning and is up 24.1% since the start of the year.
There’s plenty of other market news that investors are going to want to be aware of today.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.