Wendy’s restaurant photographed on November 10, 2025 in Austin, Texas.
Brandon Bell | Getty Images News | Getty Images
Wendy’s stock soared in premarket trading Wednesday, driven by an outburst of retail investor enthusiasm that appeared unrelated to the fast-food chain’s latest executive changes.
Shares rose more than 16% before the opening bell on heavy volume after Wendy’s announced it had appointed former Potbelly Inc. executive Stephen Sillis as chief financial officer and chief strategy officer. A change in management can affect investor sentiment, but the magnitude of the move suggests other forces may be at play.
Retail traders have turned their attention to the burger chain after its stock price has fallen by about half in the past 12 months. Wendy’s ranked as the second most mentioned stock across Reddit trading forums in the past 24 hours, according to data tracked by Swaggy Stocks.
Posts circulating on social media frame Wendy’s as a rebuilding and recovery story. The increased attention online mirrors past meme stock episodes where retail traders flocked to battered companies and heightened bearish bets.
This dynamic may be especially true for Wendy’s. About 23% of the company’s float is currently sold short, according to S3 Partners, leaving the stock vulnerable to pressure if rising prices force bearish investors to cover their positions.
—CNBC’s Nick Wells contributed reporting.
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