Wendy’s restaurant photographed on November 10, 2025 in Austin, Texas.
Brandon Bell | Getty Images News | Getty Images
wendy’s Shares soared Wednesday, driven by an outburst of retail investor enthusiasm that appears unrelated to the fast-food chain’s latest executive changes.
Wendy’s shares soared more than 42% after the company announced that it had appointed former Potbelly executive Steven Sillis as chief financial officer and chief strategy officer. Management changes can affect investor sentiment, but the magnitude of the move suggests other factors may be at play.
Shortly after trading began, the New York Stock Exchange suspended trading due to volatility. When the stock reopened, it rose to a high of $8.89 per share. The stock price last rose 30%.
Retail traders have increasingly focused on 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. On WallStreetBets, one post titled “We need to save Wendy’s” got a lot of attention. “We need to save Wendy’s before it’s too late,” the user wrote. Other posts framed fast-food chains as if they were run-down consumer brands that private investors would back.
The increased attention online mirrors past episodes with meme stocks, such as GameStop, where retail traders flocked to troubled companies and increased their bearish bets.
This dynamic may be particularly relevant to 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.
Wendy’s did not immediately respond to CNBC’s request for comment.
—CNBC’s Nick Wells contributed reporting.
