WWE's stock was on the up yesterday following interest from the popular subreddit r/WallStreetBets.
A trending post on the subreddit highlighted WWE as a company to invest in to squeeze short-sellers. Rumours of an acquisition, talent cuts, video game sales and the company going back on the road in July were cited as reasons to purchase stock options in the organisation.
As a result, WWE's stock price was up 10 percent by close of trading yesterday at $64.48 per share, up from $58.15 the day before. The stock price initially started to rise during premarket trading and reached $64.19 at one point. The price only continued to spike once the market opened and was up 20 percent to $70.41 at 9:40 am ET.
The price then continued to fluctuate between $65 and $70 throughout the morning before settling between $64 and $65 after lunchtime.
WallStreetBets was the popular subreddit behind the Gamestop short squeeze in January 2020. Users have also invested in other companies like AMC and Blackberry.