Good news for WWE, as the company’s stock price has surged to a new 52-week high thanks to Reddit, with Vince McMahon’s WWE stock increasing in value by around $300 million.
The WWE stock is up 11.92% right now, with the $70.41 figure at 9:40 am EST this morning being the highest that the stock price has been in a year.
The subreddit r/wallstreetbets, which massively contributed to the huge spike in price of Gamestop and AMC stock this year, posted about WWE stock lately, putting forward the following reasons for investors to buy the stock:
– 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 f**k. IV is sitting at 35%.
Brandon Thurston covered the news on Twitter today, noting that when WWE stock was up 16%, the value of Vince McMahon’s WWE stock increased by $300 million compared to yesterday:
With WWE stock up 16% currently, the market value of Vince McMahon’s ownership (nearly 29 million shares) is currently almost $300 million more valuable than it was yesterday.