Wendy's Shares Surge 37% as Meme Traders Target 23% Short Interest
Updated
Updated · Bloomberg · Jun 24
Wendy's Shares Surge 37% as Meme Traders Target 23% Short Interest
3 articles · Updated · Bloomberg · Jun 24
Summary
Wendy's jumped as much as 37% in premarket trading Wednesday, extending an earlier rally that had already pushed the stock up more than 16%.
Meme traders piled into the fast-food chain on Reddit's r/WallStreetBets, turning the beaten-down stock into one of the session's most discussed retail targets.
About 23% of Wendy's float is sold short, according to earlier reports, giving the rally short-squeeze potential as bearish positions come under pressure.
The surge comes after roughly three years of share-price declines, showing meme-stock trading is still capable of abruptly lifting struggling consumer names.