The Wendy's Company (NASDAQ:WEN) shares soared Wednesday morning after a since-deleted post on Reddit's WallStreetBets forum urged members to "save Wendy's before it's too late," sending the stock sharply higher from near 20-year lows.
The rally has the hallmarks of a classic retail trader squeeze. Wendy's stock had already fallen more than 70% since mid-2023, short sellers had piled in against it, and the brand carries the kind of nostalgic pull that tends to resonate with retail investors looking for a rallying cry.
The Reddit buzz landed alongside genuine news. Wendy's recently named Steve Cirulis as its new CFO, a hire that caught the attention of investors familiar with his track record.
Cirulis previously served under CEO Bob Wright at Potbelly, where the stock climbed roughly 500% during their tenure together, fueling hopes for a similar turnaround at Wendy's.
The fundamentals remain challenging. Same-restaurant sales fell 8% in Q1 2026 and net income dropped 42%. But director Peter May recently bought shares at a price below Wednesday's open, a sign that at least some insiders see value in the battered stock.
Shares of Wendy’s were up around 27% by midmorning Wednesday.