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.

Bhupinder Gujjar Wants To Be The First Indian World Champion In IMPACT Wrestling

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.

Get exclusive pro wrestling content on Fightful Select, our premium news service! Click here to learn more.
From The Web