Wendy's was surging on Wednesday after several users on Reddit's WallStreetBets subreddit called for retail investors to buy shares in the struggling fast-food chain.

The stock was more actively-traded than chip makers Micron and Intel ahead of the opening bell, jumping 22% to $7.63. Futures tracking the S&P 500 were 0.1% higher.

Wendy's said it had appointed former Potbelly Sandwich Works Chief Financial Officer Steve Cirulis as CFO and Chief Strategy Officer on Tuesday, as new CEO Robert Wright's turnaround plan takes shape.

But the catalyst for Wednesday's move higher was probably a slew of posts on WallStreetBets. Users in the past have used the forum to talk up so-called meme stocks like GameStop and AMC Entertainment.

Wendy's stock has slumped 47% over the past year, tumbling as inflation-weary consumers cut back on restaurant spending.

The beaten-down shares look cheap, fetching just 11-times expected earnings for 2026, but analysts are forecasting sales growth of less than 1% for the year.

Still, Wendy's looks well-positioned for a short squeeze, when a stock suddenly jumps, forcing short sellers to buy back shares in cover their losing bets. Those purchases in turn drive the stock's price even higher.

Short interest represented just under 30% of the company's public float on Wednesday.