The Walt Disney Company’s stock can’t seem to find a bottom, as the shares in the entertainment giant are now down 46% for 2022 and have now made a new 52-week low.
In what has been one of the worst years for Disney’s stock in more than five decades, the decline in shares can’t seem to come to a halt.
It’s no secret that Disney stock has struggled for the past couple of years. The stock plummeted on Wall Street when the theme parks were forced to close because of the COVID-19 pandemic, which was understandable. Thankfully, it slowly started to climb back up as Disney+ subscriptions grew, and people continued to shop for Disney merchandise. However, it failed to live up to the reliable stock it was once, as Disney CEO Bob Chapek made a series of public missteps that caused people’s faith in the company to wane.
On November 20, after a tumultuous few years, Bob Chapek was fired, and former Disney CEO Bob Iger stepped into the leadership role again. Immediately after Iger came back into the Disney fold, Disney’s stock drastically increased as analysts said that the magic had returned. Those gains slowly started to go down and have since disappeared. Then Avatar: The Way of Water came out and underperformed, which caused the stock price to drop again.
Now, Disney is on par to have its worst year in nearly five decades.
The Walt Disney Company’s shares, a component of the Dow Jones Industrial Average, have reached a new 52-week low of $84.07 during today’s trading session and are now trading at levels Wall Street has not witnessed since the depth of the pandemic in March 2020.
The question going into 2023 is what magic Disney CEO Bob Iger has up his sleeve to get Disney shares, Disney Parks, and Disney Media turned around in the right direction. There is a lot to fix, but is he up to the task?
Do you think Bob Iger can get Disney’s stock moving in the right direction in 2023? Let us know your thoughts by leaving us a comment below.