Wendy’s (WEN) shares surged as much as 42% in early trading on Wednesday, marking the largest single-day gain since March 2020. The last time the stock reached this level was on November 7, 2025.
The surge occurred without any major official news. Analysts believe the catalyst was a post in the WallStreetBets section of Reddit, calling for the rescue of Wendy’s.
June 24 — The U.S. retail investor army has set its sights on a classic brand fallen on hard times: fast-food chain Wendy’s. The stock surged more than 40% at one point on Wednesday.
Specifically, Wendy’s (ticker: WEN) rose sharply in early trading, climbing as much as 42% to $8.89 per share. The last time it reached this intraday level was on November 7, 2025.
The 42% gain also marks Wendy’s largest single-day increase since March 2020, when the stock rebounded from the COVID-19-induced crash alongside other equities. Unlike that period, however, this surge is not backed by any major official news.
Analysts noted that the trigger for Wendy’s surge appears to be a post published in the WallStreetBets section of Reddit, often referred to as the American version of a popular forum. The post, titled “We Need to Save Wendy’s,” has since been deleted.
It is understood that one user wrote in the post, “We must save Wendy’s before it’s too late.” Other posts described the fast-food chain as a battered consumer brand that retail investors could aggressively buy into.
According to data tracked by Swaggy Stocks, Wendy’s ranked second in mentions on WallStreetBets over the past 24 hours. Similar to meme stocks like GameStop, the stock fits the characteristics favored by speculators.
Since mid-2023, Wendy’s shares have plummeted more than 70% cumulatively. A large influx of short-selling capital means that concentrated retail buying could force short covering, leading to a sharp spike in the stock price.
According to S3 Partners, about 23% of the company’s free float is currently sold short. If a rising stock price forces short investors to close positions, the stock could easily experience a short squeeze.
In addition, as a long-established American fast-food brand, Wendy’s carries a strong traditional flavor. During Trump’s first term, he served fast food including Wendy’s to the North Dakota State University Bison football team after their championship win.
Stephens analyst Jim Salera stated: “This is undoubtedly another replay of the meme stock frenzy. Wendy’s is a classic American brand, and many retail investors hold fond memories of it. This nostalgia is very similar to the situation with GameStop back then.”
In recent years, WallStreetBets has repeatedly ignited meme stock mania and continuously sought new targets for speculation. Last year, doughnut maker Krispy Kreme and home-buying platform Opendoor Technologies both saw their stock prices surge due to concentrated retail buying.
