Shares of Wendy's Co. (WEN) jumped nearly 15% on Tuesday morning to an all-time high, as the restaurant chain seems to have jumped on to the meme stock bandwagon.
WEN is currently trading at $26.25, up $3.31 or 14.43%, on the NASDAQ.
According to reports, Wendy's strong movement was driven by positive comments on Reddit. Data from the Yolostocks website, which tracks real-time mentions on stocks within Reddit, reported that Wendy's is now the sixth-most discussed stock among users, up from a previous rank of 24, over the past 24 hours.
Meme stocks are those stocks that have witnessed a huge surge in volumes and share price, driven by the hype on social media and online forums like Reddit, rather than the company fundamentals.
Some popular meme stocks are videogame retailer GameStop (GME), movie theater operator AMC Entertainment Holdings (AMC) and Blackberry (BB), which have witnessed their share price rally 95%, 510% and 93%, respectively, over the past one month.
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