Wendy’s is the latest meme stock and it’s stonked to a record high

Wall Street-watchers on Reddit suddenly have a new favorite meme stock: Wendy’s.

The fast food chain saw a 25% increase in their stock value after r/wallstreetbets decided to make the company’s value soar.

According to The Street, Wendy’s Co. (WEN) opened on Thursday at the record-high price of $27.38. By noon that value had settled to about $27.20. That means it’s stonked - internet slang for stock soaring, based on a wacky meme pictured above.

CNN reports that the burger place became a new big ticket item after Reddit users, celebrating the brand’s “chicken tendies,” realized it was a no-brainer for them to support the chain.

The relationship is straightforward: “Tendies” is a WSB code for trading profits, and used on the subreddit, and also what people call chicken tenders. They were also impressed by the social media presence the brand was built - and, for some people, the food they make as well.

“I’m reading this at Wendy’s,” wrote one user on r/WallStreetbets, “so you know I’m in.”

But a lot of users felt it was a good idea even without the word association.

"Frenzy+scarcity+low volume means minimal buys could push the price quickly," one Reddit user wrote.

And professional money makers are excited about the move too.

“Wendy’s ($WEN) a huge favorite of @MadMoneyOnCNBC gets nice push from Reddit,” tweeted Jim Cramer on Thursday.  “I think it deserves to be higher.”

The Wall Street-focused subreddit previously made headlines by making GameStop and AMC values sore, also out of love for meme-centric chaos. Those two are still going strong, per The Street.

Still, several professionals say investing now in the fast-rising burger stock could be a risk.

Wendy’s, notorious for meme-centric tweets, is simply going along with the memeification of their value, apparently. On Thursday they tweeted “Did you hear we have a new salad?” to widespread praise.