Published: Oct. 2, 2023 at 8:23 a.m. ET
Shares of Sphere Entertainment Co. rose 5.8% in premarket trades Monday after the eagerly-anticipated opening of the Sphere with a stunning show by U2.
The 360-foot tall immersive concert and entertainment venue at the Venetian Resort is the world’s largest spherical structure, according to the Venetian’s website. U2 kicked off their 25-show residency at Sphere Friday.
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Shares of Sphere Entertainment Co. rose 5.8% in premarket trades Monday after the eagerly-anticipated opening of the Sphere with a stunning show by U2.
The 360-foot tall immersive concert and entertainment venue at the Venetian Resort is the world’s largest spherical structure, according to the Venetian’s website. U2 kicked off their 25-show residency at Sphere Friday.
Related: Madison Square Garden says Sphere Entertainment is selling 5.25 million shares
Next month The Sphere Experience will launch with the Postcard from Earth immersive experience by director Darren Aronofsky.
JPMorgan Chase & Co. recently raised its Sphere Entertainment
SPHR
price target to $28 from $25 following the company’s fourth-quarter results. “While the attention the exosphere received on social media and the press has given us incremental confidence on what forward demand will be from artists, consumers, and corporate partners, the ultimate success of the venue, and viability of future Spheres, will hinge largely on original content,” wrote JP Morgan analyst David Karnovsky.
Related: Madison Square Garden Entertainment says shareholder Sphere has commenced a secondary offering of 7.2 million shares
Shares of Sphere Entertainment are up 79% this year, outpacing the S&P 500 Index’s
SPX
gain of 11.7%.
Madison Square Garden Entertainment Corp.
MSGE
,
which was formerly MSGE Spinco, completed its spinoff from Sphere Entertainment earlier this year. Madison Square Garden Entertainment’s stock is down 2.1% in the last three months, outpacing the S&P 500 Index’s decline of 3.7%.
