World Wrestling Entertainment Shares Yet To Follow Through On Wednesday's Rally

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

World Wrestling Entertainment, Inc. (NYSE: WWE) shares were unchanged at $16.45 in Thursday's session. The issue had a big rally in Wednesday's session, moving up from $15.81 to $17.18 before falling back to close at $16.45.

The catalyst for the rally was an initiation of coverage by BTIG Research with a Buy rating and a $25 price target.

WWE has been attempting to regain lost ground when it tumbled from a high of $17.44 intraday to $13.75, before rebounding to end the March 30 session at $14.09. Cautious comments during a post-Wrestlemania 31 conference call rattled investors and caused the steep decline.

The momentum has yet to have follow through as the issue reached $16.70 off the open, but has traded on both sides of the close for the majority of today's session.