WWE stock took a slight hit on Wall Street today. The stock had since gained another 18 percent in May before pulling out of a winter slump in February and turning today’s upside bias in June.
Brandon Thurston provides some insight into why the overall downturn in the market
The stock opened at $65.05. Closed yesterday at $64. The stock hit a high of $68.73 in the afternoon and is currently almost up for the day. $67.77 as of publication. Wrestlenomics’ Brandon Thurston provided some insight into why the stock has risen over the past year, despite the overall downturn in the market.
Price rises on WWE stock
Morgan Stanley analyst Ben Swinburne raised the price target on WWE’s stock from $60 to $75, according to Thurston. A stock’s “price target” is the price an analyst sets by looking at a company’s historical earnings, as well as their projected earnings. And considered fair value for the stock. Raising a stock’s “price target” is usually a boon to the price, as it was today.
The expected increase in interest rates by 0.75 percent
Investors remained high on WWE and others. Despite an annual downturn in the market, known as the “bear market”, many stocks rose on Wednesday amid reports of the Federal Reserve raising interest rates by 0.75 percent in hopes of tackling inflation. This is the largest rate increase since 1994.
Return to the full live event schedule
WWE recorded record revenue in the first quarter of 2022. Which earned $333.4 million in the first few months of the year. Revenue increased 27%, according to WWE Chief Financial and Administrative Officer Frank Riddick, citing a “return to a full live event schedule” as one of the main factors for the increase in revenue.