r/WallStreetBets is at it agin. The popular Subreddit thread, which became known for significantly raising the stock prices of Gamestop (GME) and AMC, now has a new topic of conversation, WWE.
Many on the thread are citing that because the company is preparing to return to the road following the COVID-19 outbreak, and with the number of talent cuts they’ve made in the past few months, the stock is expected to rise to new heights. The rumors of a potential sale have also sparked interest. Like Gamestop and AMC, the idea is to help squeeze the number of brokers who are short-stelling WWE’s stock, which requires new buyers to purchase shares…and it’s working.
According to Brandon Thurston of Wrestlenomics, WWE’s stock was up 10% in pre-market trading and rose as high as 20% during the day before dropping slightly. As of this writingm it stands at $64 per share, slightly down from the $70 earlier in the day, which was the highest it has been in the last 52 weeks and significantly higher than yesterday’s closing price. He adds that WWE Chairman Vince McMahon, who still owns roughly 29 million shares, saw the value of those shares rise by $300 million dollars in a single day.
The r/WallStreetBets thread took Gamestop from $17 a share to an unprecedented $347 per share earlier in 2021. AMC dropped as low as $5 per share due to the pandemic keeping customers out, but now stands at roughly $50 per share. You can check out a breakdown of Thurston’s statistics in the Twitter thread below.