Lionsgate Stock Hits All-Time High
Shares touched $37.96 as investors continued to pile onto the 'Orange Is the New Black' producer.
Lionsgate saw its stock hit an all-time high on Wednesday.
Shares in the indie studio rose as high as $37.97 in morning trading on the New York Stock Exchange, up about 1.3 percent from Tuesday's close. That stock surpassed its previous all-time intraday high of $37.81, reached in 2013. The company's market value hit $5.57 billion, according to Bloomberg data.
Lionsgate has seen its shares rise sharply on its movie pipeline and its successful diversification into TV production, which includes Orange Is the New Black, now in its third season on Netflix.
Lionsgate’s stock began its meteoric rise in October 2011 after senior management at the Vancouver-based company fended off billionaire investor Carl Icahn. Financial analysts in recent investor reports have raised their stock price targets for the indie studio.
The Vancouver-based company released its latest financial results last month and revealed post-Hunger Games movie titles like a new screen adaptation of Homer's The Odyssey, to be helmed by Hunger Games director Francis Lawrence, and a third installment of Now You See Me.