-Nothing changed overnightâ to make Wendyâs a better bet, trader says as stock sees Reddit interest
-Shares of the fast-food chain surged about 26% to records on Tuesday after a post in Redditâs popular WallStreetBets forum pitched Wendyâs as âthe perfect stockâ for the group on account of its signature products and âeffectiveâ social media presence.
-Itâs the latest so-called meme stock that has captured the groupâs interest. The growing list includes GameStop, AMC and Bed Bath & Beyond.
-âI think the reason the Reddit crowd is pushing it up today is because the retail share float is pretty small in Wendyâs, but I can guarantee you nothing changed overnight to change the fundamental story,â Gradient Investments President Michael Binger told CNBCâs âTrading Nationâ on Tuesday.
-Though the company has a âdecent business modelâ and can take advantage of the economic reopening, its stock is trading at a notably high price-earnings multiple for just 3% sales growth, he said.
-Shares of the fast-food chain surged about 26% to records on Tuesday after a post in Redditâs popular WallStreetBets forum pitched Wendyâs as âthe perfect stockâ for the group on account of its signature products and âeffectiveâ social media presence.
-Itâs the latest so-called meme stock that has captured the groupâs interest. The growing list includes GameStop, AMC and Bed Bath & Beyond.
-âI think the reason the Reddit crowd is pushing it up today is because the retail share float is pretty small in Wendyâs, but I can guarantee you nothing changed overnight to change the fundamental story,â Gradient Investments President Michael Binger told CNBCâs âTrading Nationâ on Tuesday.
-Though the company has a âdecent business modelâ and can take advantage of the economic reopening, its stock is trading at a notably high price-earnings multiple for just 3% sales growth, he said.