Analyst: WWE 15% Spike Likely A 'Mistake' Market Order, Says 'There's No News'

Courtesy of Benzinga.

Shares of World Wrestling Entertainment, Inc. (NYSE: WWE) spiked sharply on Wednesday evening. A trade happened at 5:14 p.m. ET, moving the stock up more than 15 percent.

Wedbush analyst James Clement told Benzinga in an email it was probably all a mistake.

"I'm only seeing that 600 shares changed hands," Clement wrote on Thursday. "Somebody probably mistakenly put in a market order into a stock with a $3 bid/ask spread!"

Clement acknowledged that he "certainly" could be wrong, but bets "someone made a mistake. There's no news."

The stock traded at $19.16, up 15.2 percent in Thursday's pre-market session. It closed at $16.63 and hasn't hit the $19 level since early November.

Related Link: WWE Investors: Tread Carefully, Stock Can Be 'Brutally Volatile' During Wrestlemania

Clement told Benzinga last week that WWE investors should tread carefully with the sports entertainment company's stock.

"[T]raders are probably going to be more cognizant of the last two year's WrestleMania selloffs and possibly take profits weeks before the Mania number is ever reported," Clement said at the time. "Retail investors should tread very carefully.This stock can be brutally volatile and probably will be."

The Wedbush analyst holds a Neutral rating and 12-month price target of $18 on the stock.

WrestleMania 32 takes place on April 3 from Dallas, Texas.

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