According to a report published by The Hindu, The New York Times Co. (NYSE: NYT) has acquired a web-based word game, Wordle, for an “undisclosed price in the low seven figures.”
Engineer Josh Wardle created the game that requires a player to guess a five-letter word per day in six attempts.
The New York Times said the game, which was launched in October, had 90 players in early November. The number surpassed 300,000 by early January and now millions of people play the game on a daily basis.
Jonathan Knight, General Manager of New York Times Games, said, “The game has done what so few games have done — it has captured our collective imagination and brought us all a little closer together.”
The company said that following the completion of the acquisition, no changes would be made to the game and it would continue to be free.
About The New York Times
The New York Times creates, collects and distributes news and information through newspapers, print, and digital products. Its offerings include The New York Times and NYTimes.com.
NYT stock closed 3.4% up on Monday. However, it lost 1.3% in after-hours trading to end the day at $39.50.
Price Target
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average NYT stock forecast of $58.33 implies 45.7% upside potential. Shares have lost 18.1% over the past year.
Hedge Fund Activity
TipRanks data points that Wall Street’s top hedge funds have increased holdings in The New York Times by 601,500 shares in the last quarter, indicating a Positive hedge fund confidence signal in the stock.
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