Shares of World Wrestling Entertainment (WWE) - Get Report flopped Wednesday after investors body slammed the stock, even as a brokerage firm initiated coverage of the stock with a solid buy rating.

Shares hit the mat hard, falling 1.59% to $65.64, as investors shrugged off the buy rating by Rosenblatt Securities, which just initiated coverage of the stock, amid a sharp market downturn that saw the Dow Jones Industrial Average plunge by more than 400 points.

WWE's stock price has taken some big hits recently amid concerns over ratings and revisions of quarterly estimates, analyst Bernie McTernan wrote. WWE's stock price has fallen by roughly a third since April 23, when it hit a peak of $99.25.

Still, Rosenblatt Securities contends WWE is a great buy at a time when "content is king," with investors able to benefit from the stock's recent pullback in price, according to published reports.

"Our thesis on the media industry is content is king and view WWE as one of the best public market ways to benefit from this theme," McTernan wrote, according to a published excerpt of his report. 

An "update on international TV rights renewals" and "capital allocation" should be key drivers of share price growth for WWE over the next six months, McTernan wrote.

WWE's second-quarter earnings' report was a mixed bag, with the pro wrestling giant surprising analysts on profit but disappointing on revenue.

WWE reported earnings of 11 cents of share, beating the 3 cents a share consensus of analysts polled by Zacks Investment Research. But WWE fell short on revenue, which came in at $268.9 million, a 5% drop from the same period in 2018 and several million dollars short of the Zacks estimate of $277.2 million.

However, WWE's longer-term initiatives the company's effort and strategy shows promise, Zacks observed in a recent review of the entertainment company.

The "focus on increasing original content production, localization and strategic initiatives as well as digitization and international development bode well," the investment research firm noted.