Wendy’s stock jumped 25.7% on June 24, closing at $7.86, after a Reddit-fueled buying frenzy turned the fast-food chain into the latest meme-stock darling. The rally peaked at $8.89 intraday, a seven-month high, before cooling off as the trading session wore on.
The catalyst was exactly what you’d expect in 2026: a viral post on WallStreetBets titled “We need to save Wendy’s” that racked up over 18,000 upvotes.
A short squeeze in the making
Heading into this rally, roughly 34% of Wendy’s free float was sold short. For context, GameStop’s short interest was famously above 100% during the original 2021 meme-stock saga, but anything north of 20% is generally considered elevated enough to create squeeze conditions.
The volatility got severe enough that the NYSE briefly halted trading in Wendy’s shares.
