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Wendy's and Clean Energy Fuels among new meme stocks on the rise as Redditors seek new targets

Published by Business Insider on Wed, 09 Jun 2021

<p><img src="https://static2.businessinsider.com/image/60c0bb19fde7960018aace3b-2400/ap_17220591046962.jpg" border="0" alt="Wendy's" data-mce-source="AP/Michael Dwyer"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Reddit traders are driving rallies in a string of new meme stocks this week, including Wendy's, Clean Energy Fuels, and ContextLogic, among others.</p><p>Clean Energy Fuels, the Newport Beach, California-based natural gas provider, jumped 32% Wednesday morning, as ContextLogic, the mobile e-commerce company, jumped 38%, building on a 50% rise during Tuesday's trading session.&nbsp;</p><p>Fast-food restaurant Wendy's struggled to replicate the previous day's rally, rising a modest 4% before fluctuating between losses and gains. The stock on Tuesday ended at its highest level in nearly two decades, at $28.87, higher by almost 26%.&nbsp;</p><p>The three new meme stock names were among the top-trending companies on Reddit investing threads like Wall Street Bets, according to <a href="https://app.hypeequity.com/">HypeEquity data</a>.</p><p>For Wendy's, the word "tendy" was the most mentioned in posts about the companya reference to both chicken nuggets on the menu and <a href="https://www.businessinsider.com/reddit-wall-street-bets-lingo-guide-glossary-yolo-diamond-hands-2021-5">Reddit lingo</a> that equates "tendies" with returns on investment.</p><p>As for ContextLogic and Clean Energy Fuels, Redditors were more bullish than bearish on the stocks with hundreds of buy and call comments and far fewer about selling, the data showed.&nbsp;</p><p>Auto retailer CarLotz and electric vehicle-maker Canoo continued to bolster gains from Tuesday as well thanks to <a href="https://www.businessinsider.com/retail-investors-boost-workhorse-canoo-tesla-posts-china-sales-growth-2021-6">their new status as meme stocks</a> among Reddit investors. Both were up more than 13% Wednesday.&nbsp;</p><p>Recently, Redditors have also renewed their interest in Clover Health, the health-insurance provider backed by Chamath Palihapitiya. The stockwhich plummeted earlier this year following a report from short-seller Hindenberg Research accusing the company of misleading investors, customers, and the federal governmentremained the top-hyped name on Reddit. The stock was also trending on Twitter.</p><p>Clover rose more than 20% Wednesday morning, <a href="https://markets.businessinsider.com/news/stocks/clover-health-stock-price-meme-stocks-wallstreetbets-reddit-chamath-palihapitiya-2021-6-1030503436">building on an 86% gain</a> from the day prior.&nbsp;</p><p>Meanwhile, meme stock classics AMC Entertainment and BlackBerry, which have remained steady this week after massive gains last week, dropped in early morning trading. GameStop, this year's original meme stock, saw a modest rise.&nbsp;</p><p><a href="https://markets.businessinsider.com/news/stocks/wendys-clean-energy-fuels-contextlogic-new-reddit-meme-stocks-rising-2021-6-1030507701#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/hm-zara-uniqlo-fast-fashion-spend-money-clothes-2019-1">Sneaky ways stores like H&M, Zara, and Uniqlo get you to spend more money on clothes</a></p>
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