WPT stock continues nosedive
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Stock prices are down to just $1.53 for the World Poker Tour (WPTE on NASDAQ), according to pokerkingblog.com; that is less than a tenth of the price it sold for just three years ago.
The company, once valued at more than $700 million, is now valued at around $30 million at its current stock price.
According to a recent entry on the blog:
The worst part of all (for WPTE management) is that no one seems to care about the stock. The stock had just 4,500 shares of volume today, and hasn’t traded more than 10k shares in the past two weeks. This is a far cry from 2005, when the stock would easily average more than 300k shares of volume per day. There are no “big” analysts covering the stock, and investors couldn’t seem to care less. WPTE seems to be marching towards penny stock status, and the company isn’t doing much to help with its declining revenues and consistent quarterly losses.
The blog goes on to theorize on the reasons for the company’s fall, from competition from other poker television shows to the end of the poker “boom.”
