A Wendy’s location in Austin, Texas, photographed on November 10, 2025.
Brandon Bell | Getty Images News | Getty Images
Wendy’s shares jumped in premarket trading on Wednesday, driven by a wave of retail investor excitement that seems unrelated to the company’s recent executive hire.
The stock rose over 16% ahead of the market open on heavy trading volume following Wendy’s announcement that former Potbelly executive Steven Cirulis would assume the roles of chief financial officer and chief strategy officer. Although leadership shifts can affect market perception, the size of the gain indicates additional factors are likely involved.
Retail investors have increasingly focused on the burger chain after its share price fell about 50% over the last year. Data from Swaggy Stocks shows Wendy’s was the second‑most discussed ticker on Reddit trading forums in the past 24 hours.
Social media posts have portrayed Wendy’s as a turnaround opportunity, and the heightened online buzz mirrors earlier meme‑stock rallies in which retail investors flocked to distressed firms carrying substantial short interest.
This situation is especially pertinent for Wendy’s, as approximately 23% of its free float is presently sold short, per S3 Partners. Consequently, the stock is prone to a short squeeze should the price climb compel bearish holders to buy back shares.
— CNBC’s Nick Wells contributed reporting.
