Wendy’s shares surged in premarket trading Wednesday, fueled by a burst of retail investor enthusiasm that appears disconnected from the fast-food chain’s latest executive appointment.

The stock climbed more than 16% before the opening bell on heavy volume after Wendy’s disclosed the appointment of former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer. While management changes can influence investor sentiment, the magnitude of the move suggests other forces may be at play.

Retail traders have increasingly turned their attention to the burger chain after the stock lost roughly half its value over the past 12 months. Wendy’s ranked as the second-most mentioned stock across Reddit trading forums over the past 24 hours, according to data tracked by Swaggy Stocks.

Posts circulating on social media have framed Wendy’s as a turnaround and recovery play. The surge in online attention echoes previous meme-stock episodes where retail traders piled into beaten-down companies with elevated bearish bets against them.

That dynamic could be particularly relevant for Wendy’s. Roughly 23% of the company’s free float is currently sold short, according to S3 Partners, leaving the stock vulnerable to a squeeze if rising prices force bearish investors to cover positions.

— CNBC’s Nick Wells contributed reporting.