-Nothing changed overnightโ to make Wendyโs 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 Redditโs popular WallStreetBets forum pitched Wendyโs as โthe perfect stockโ for the group on account of its signature products and โeffectiveโ social media presence.
-Itโs the latest so-called meme stock that has captured the groupโs interest. The growing list includes GameStop, AMC and Bed Bath & Beyond.
-โI think the reason the Reddit crowd is pushing it up today is because the retail share float is pretty small in Wendyโs, but I can guarantee you nothing changed overnight to change the fundamental story,โ Gradient Investments President Michael Binger told CNBCโs โTrading Nationโ on Tuesday.
-Though the company has a โdecent business modelโ 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 Redditโs popular WallStreetBets forum pitched Wendyโs as โthe perfect stockโ for the group on account of its signature products and โeffectiveโ social media presence.
-Itโs the latest so-called meme stock that has captured the groupโs interest. The growing list includes GameStop, AMC and Bed Bath & Beyond.
-โI think the reason the Reddit crowd is pushing it up today is because the retail share float is pretty small in Wendyโs, but I can guarantee you nothing changed overnight to change the fundamental story,โ Gradient Investments President Michael Binger told CNBCโs โTrading Nationโ on Tuesday.
-Though the company has a โdecent business modelโ 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.