WWE stocks had one of the best and worst weeks ever since hitting the stock exchange in 1999. From reaching $100 for the first time to dropping 16.2% in a span of two days after their Q1 2019 financial results, it’s safe to say that it’s been a roller coaster week for shareholders.
On Friday, WWE stocks traded 2.18% lower than Thursday’s massacre, driving the price down to $83.52. On Wednesday night, stocks closed the day at $98.5, so in two days it shed $14.98 off its value.
But WWE is still on track of hitting $1 billion in revenue for 2019 which would be a record for the company. Several analysts said that while this quarter was bad, WWE is not “broken” and it will be rebounding quickly. The new TV contracts with both NBCUniversal and FOX will help drive revenue up while the upcoming new India and UK television deals are also expected to add to WWE’s business.
Five analysts have revised their WWE target, with CFRA putting it at $90, Morgan Stanley at $100, KeyBanc to $101, Guggenheim at $105 and MKM at $110.
Yes, it was an unflattering quarter for WWE and some egos were certainly bruised but despite this, things are looking up.