Wendy’s shares spiked as much as 42% on June 24 after a viral post on Reddit’s r/WallStreetBets urged retail traders to pile into the fast-food chain’s beaten-down stock. The rally triggered multiple volatility halts before the gains largely evaporated by the close.
The catalyst wasn’t an earnings beat or a major acquisition. It was a Reddit post telling people to “save Wendy’s before it’s too late.”
What actually happened
Wendy’s (WEN) had been quietly bleeding for over a year, losing nearly 50% of its value and trading near 20-year lows heading into Tuesday’s session.
By 10 a.m. ET, retail investors had purchased roughly $2.3 million worth of Wendy’s shares. Retail chatter around the ticker surged 312% on Stocktwits, making Wendy’s the platform’s top-trending name. On Reddit, it became the second most-discussed stock of the day.
