Wendy's Co (NASDAQ:WEN) is looking to extend yesterday's surge after Reddit's WallStreetBets forum kickstarted a meme stock rally. Traders on the platform pointed to the fast-food chain's new CFO hire Steve Cirulis, plans to close select stores, China expansion efforts, and the possibility of a buyout by Nelson Peltz's Trian Fund Management as catalysts behind the buying frenzy.
Yesterday's rally had WEN bouncing off 12-year lows with a 25.7% gap higher. Today, shares were last seen up 9% at $8.57, breaking into positive territory for 2026. Should these gains hold, WEN will nab its third straight daily win.
Coming into today, short interest still represents 29% of the stock's available float. It would take shorts five days to buy back their bearish bets, at WEN's average pace of trading.
Over in the options pit, WEN has seen has seen 126,000 calls and 48,000 puts exchanged, more than 22 times the options volume it typically sees in an entire day, though trading is subject to being halted amid the volatility. The weekly 6/26 9-strike call is the most popular, followed by the weekly 6/26 6.50-strike put.
