Paramount Skydance (PSKY) Soars 60% to New High. Time to Book Gains?

We recently published 10 Stocks With Whopping 11-97% Upside. Paramount Skydance Corp. (NASDAQ:PSKY) is one of the best-performing stocks on Wednesday.

Paramount Skydance extended its rally to touch a new high on Wednesday, finishing up by 36.74 percent at $15 apiece, with a former hedge fund manager calling it a “meme” stock.

In a social media post, Mad Money host and former hedge fund manager Jim Cramer said Paramount Skydance Corp. (NASDAQ:PSKY) is a “meme stock” given the company’s small public float and unjustifiable rally amid the lack of fresh developments.

Paramount Skydance Corp. (NASDAQ:PSKY) climbed by as high as 60 percent at intra-day trading to hit $17.53 before paring gains to finish slightly lower during the session.

In recent news, the company bagged a new $7.7-billion deal to exclusively air the Ultimate Fighting Championship (UFC) on Paramount+ for seven years beginning in 2026.

The deal would include UFC’s full slate of 13 marquee numbered events and 30 Fight Nights through its direct-to-consumer streaming platform, Paramount+, with select numbered events to be simulcast on CBS.

As part of the agreement, Paramount Skydance Corp. (NASDAQ:PSKY) will move UFC away from the existing Pay-Per-View model and make the latter available at no additional cost to Paramount+ subscribers in the US. It also intends to explore UFC rights outside the US in the future.

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