World Wrestling Entertainment (NYSE:WWE) jumped as much as 21.5%, hitting a 52-week high of $70.72 at 9:40 a.m. ET in trading on Wednesday as Reddit investors piled into the stock.
The stock opened at $64.48 on Thursday. Stock traders purchased 1,602 put options on the stock. This is an increase of 1,171% compared to the typical volume of 126 put options.
The infamous WallStreetBets subreddit touted the stock, which led to premarket gains that snowballed after the open. Live events returning in July and rumors of an acquisition were given as reasons for investing in the stock.
World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings data on Thursday, April 22nd. The company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.28.