Lionsgate Stock Hits New Record High
TORONTO – Stock in Lionsgate on Friday hit yet another all-time high as analysts and investors look ahead to young-adult tentpole movie profits.
Shares in the Vancouver-based indie studio at noon hit an intra-day and 52-week high of $31.08 on the New York Stock Exchange, up 79 cents or 2.25 percent, on an average volume of 680,000 shares.
Lionsgate, which has a market cap of $4.21 billion, has seen its shares rise by around 82 percent in the past year on its movie pipeline, which includes the Twilight and Hunger Games franchises.
On the TV side, the Lionsgate series Orange Is the New Black is set to bow on Netflix this month.
Lionsgate’s stock began its meteoric rise in October 2011 after senior management at the Vancouver-based company fended off billionaire investor Carl Icahn.