Why WeWork Was Soaring Today
Shares of recently public WeWork (NYSE: WE) were soaring on Tuesday, up 10.3% as of 2:40 p.m. ET. The controversial company, whose tumultuous founders have earned it a dramatic treatment called WeCrashed starring Jared Leto and Anne Hathaway on Apple TV+, is hoping for a less dramatic but more profitable turn as a public company under new management.
The company went public last October via a special purpose acquisition company (SPAC) at a $9 billion market cap, but in the ensuing market downturn had fallen below a $5 billion market cap before today.
With many investors likely casting WeWork off due to its controversial past, at least one analyst thinks the hate has gone too far, initiating the company with a buy rating and a price target back up to its SPAC price of $10, roughly 50% above today's price.
Source Fool.com
