WWE Stock Surges To 52-Week High Thanks To Reddit

WWE stock received a big boost on Wednesday, June 9 thanks to the popular subreddit r/wallstreetbeats.

The stock is currently up 11.92%, hitting a 52-week high of $70.41 at 9:40 a.m. ET on Wednesday morning.

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The subreddit r/wallstreetbeats, which helped to spike the stock for Gamestop and AMC earlier this year, took an interest in WWE stock, making the case for buying. The post made the following points:

- High SI. 8m shares shorted (~$460m worth). 18% of float.

- Low float. Also, 8m shs (20% of float) is permahedged, see below. SI is thus 22% of float.

- Solid fundamentals, if it matters. $1b rev and growing, even through COVID.

- Live events returning in July.

- Rumors of an acquisition.

- A beloved provider of memes.

- Shorts are just now starting to feel the heat. It'll be hard to cover (low float, low volume)

- Options are cheap as fuck. IV is sitting at 35%.

Brandon Thurston of Wrestlenomics noted that when the stock was up over 16%, the market value of Vince McMahon's ownership (nearly 29 million shares) was almost $300 million more valuable than it was on Tuesday.

Fightful will continue to monitor the story as it unfolds.

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