WWE Stock Hits 52-Week High Due To Popular Subreddit

WWE stock surged to its 52-week high of $70.72 this morning.

The stock is currently up 12.31% on the day, trading at $65.31 per share. The stock opened at $63.01 per share today, and has stayed above $62.99 since opening. Pre-market trading was up 10% at one point this morning.

The stock surge is apparently due to interest from the r/WallStreetBets subreddit, which was behind the recent headline-making spikes for Gamestop and AMC, among others. A trending Reddit post from that subreddit made the case for buying WWE stock options.

It was noted by Brandon Thurston of Wrestlenomics that at one point this morning, with the stock up 16%, the market value of WWE Chairman & CEO Vince McMahon's ownership, which is nearly 29 million shares, was almost $300 million more valuable than it was yesterday.

Stay tuned for more.