Stocks On the Move: GoPro Inc, King Digital Entertainment PLC, and World Wrestling Entertainment, Inc.

GPRO, KING, and WWE are moving sharply in Monday's trading

Nov 3, 2014 at 1:51 PM
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Around midday, three of the top market movers are extreme filming expert GoPro Inc (NASDAQ:GPRO), "Candy Crush" parent King Digital Entertainment PLC (NYSE:KING), and media power World Wrestling Entertainment, Inc. (NYSE:WWE). Here's a quick roundup of how GPRO, KING, and WWE are performing on the charts so far.

  • GPRO has tacked on a cool 7.8% to trade at $83.10, as the shares continue to recover from their October selloff. Longer term, the stock has nearly tripled in value since publicly debuting in late June. Nevertheless, the brokerage bunch remains skeptical of GoPro Inc, with eight out of 11 covering analysts doling out "hold" or worse opinions on the shares. What's more, the security's consensus 12-month price target of $81.60 resides below current trading levels. Should these doubters capitulate in the face of GPRO's longer-term technical strength -- via a round of upgrades and/or price-target hikes -- it could stoke the equity's flames.

  • KING has advanced 5.6% this afternoon to hover near $12.03, ahead of Thursday evening's quarterly earnings report. However, unlike the aforementioned company, this Wall Street rookie has struggled since going public in late March, losing 41.3% of its value. Not surprisingly, short sellers have displayed an affinity for King Digital Entertainment PLC, as one-quarter of the stock's float is sold short. At KING's average daily trading volume, it would take nearly two weeks to buy back all of these bearish bets.

  • Finally, WWE is up 6.4% to churn near $13.14, but remains nearly 21% lower on a year-to-date basis. Helping the shares higher today is the debut of the WWE Network in the U.K., which is overshadowing a price-target cut to $11.96 from $13.31 and tepid "hold" rating at Benchmark. Elsewhere, options traders have been scooping up long puts over calls at a rapid-fire rate in recent weeks. Specifically, during the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), World Wrestling Entertainment, Inc. has racked up a put/call volume ratio of 5.37, which registers in the bearishly skewed 96th percentile of its annual range.
 

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