Shares of Krispy Kreme surge on an investor sugar rush for the latest meme stock

It seems that the meme stock era is back... And this time, r/WallStreetBets-inspired investors have set their sights on one type of dough in particular.

Krispy Kreme stock soared more than 26% on Tuesday, and is up more than 25% in premarket trading on Wednesday morning, after Reddit forums buzzed with suggestions that the glazed ring group could be the next short squeeze target for day traders.

Even with its McDonald’s partnership — which doubled the doughnut maker’s distribution to an extra ~13,500 US locations — ending last month and its annual revenues shrinking -1% year over year in 2024, Krispy Kreme now has all the hallmarks of a meme stock: a share whose price is moving independently of its fundamentals, an ardent retail shareholder base, and, naturally, a funny ticker (“DNUT”).

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