World Wrestling Entertainment, Inc. (NYSE:WWE) stock was down today on reports of an upcoming share offer.
According to a report from Bloomberg, an investor in World Wrestling Entertainment, Inc. is planning to sell off 3.5 million shares of WWE stock. The report claims that Morgan Stanley priced the offer at $21 per share.
The alleged offer of $21 per share is lower than the closing price of WWE stock on Thursday, which was the last day of trading before the report was released. The stock was sitting at $21.90 per share when the markets closed yesterday.
When the stock markets opened this morning, WWE stock was down to $20.90 per share. The stock has recovered some as of Friday afternoon and is now trading for roughly 21.20. However, this is still about 3% below its closing price for Thursday.
It is currently unknown who the investor is that will be holding the sell offer for WWE stock, but there are a couple of likely candidates. This includes Lindsell Train and BlackRock, Inc. (NYSE:BLK). They are the only two investors in World Wrestling Entertainment, Inc. that have at least 3.5 million shares to sell, reports Seeking Alpha.
World Wrestling Entertainment, Inc. also released its earnings report for the second quarter of 2017 on Thursday. This included earnings per share of 6 cents on revenue of $214.60 million. Wall Street was expecting the company to report earnings per share of 5 cents on revenue of $205 million for the second quarter of the year.
While WWE stock is down today, it is currently up 15% year-to-date.