WWE stock is enjoying a new surge after analyst Richard Ingrassia of Roth Capital Partners lifted his rating from Neutral to Buy and price target saying there appears to be increasing fan interest.
Ingrassia said that pay-per-view buy rates for non-WrestleMania events increased 37 percent in the second quarter, the first meaningful improvement in the figure in four years. He also cited the move to three hours on RAW and the new TV show for ION that will increase WWE’s exposure to television viewers.
He credited WWE’s use of social media for marketing as helping to drive increased interest in all of its revenue categories as well as the change in direction for WWE Studios, with the company now moving away from self-produced films.
Stocks are currently trading at 8.80 at time of this writing, up 3.17% over yesterday’s closing which also had a significant increase over Wednesday.