Are These Top 2 Entertainment Stocks On Your Watchlist This Week?
Like many other sectors of the market, entertainment stocks have been badly affected by the economic crisis. The coronavirus pandemic impacted many industries including the entertainment industry. For example, movie theaters were forced to close with many other businesses. That means that top entertainment stocks that operate movie theaters fell hard. That isn’t the only entertainment sector that was affected badly by the coronavirus.
Music companies were also affected by this economic crisis. Many music artists delayed album releases due to the pandemic. In addition to this, no musicians are able to tour whatsoever. Tours bring in more money than the music itself in most cases. So this has affected the financials of music companies. That is why the music industry has been hurt, and those entertainment stocks have fallen.
But many entertainment stocks are back on the rise. Artists are getting more comfortable with releasing music once again. Movie theaters may be able to open late this year with social distancing guidelines in place if the virus slows down. And many other entertainment companies are on the rise as well. So let’s look at two entertainment stocks that are creating lots of momentum in the market.
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Top Entertainment Stocks To Watch This Week: Live Nation
The first entertainment stock to watch is Live Nation Entertainment Inc. (LYV Stock Report). Live Nation is an entertainment company that operates ticket sales for live events and owns some venues as well. Live Nation also manages some music artists as well. In 2019 Live Nation Entertainment had an operating income of more than $325 million. Live Nation Entertainment is based in California but operates all over the world.
The pandemic was very bad for LYV stock. Before it began, LYV stock price was at $74 a share on average. Then, LYV stock fell as low as $29.50 a share in March at the peak of the stock market crash. But since then LYV stock price has been able to see some momentum. As of July 24th, LYV stock is at $47.74 a share on average. This could mean that LYV stock price is on the road to recovery. From June 26th to July 24th, LYV stock rose by more than 12%. LYV stock is up 61.83% from its low point in March.
Although LYV stock is down 35.48% or so from its price before the pandemic, it is still on the rise. Do you think LYV stock price will continue to rise? Well, that is unsure at the moment but LYV stock is certainly an entertainment stock to watch. Investors who bought the dip of LYV stock price were able to make a profit.
Top Entertainment Stocks To Watch This Week: IMAX Corporation
The second entertainment stock to watch is IMAX Corporation (IMAX Stock Report) due to its recent momentum. IMAX Corporation is a movie theater company that produces IMAX cameras and IMAX projection systems. It also operated many IMAX affiliated theaters all across the world. In 2019 IMAX brought in more than $395 million in revenue. IMAX is another entertainment stock that was badly affected by the economic crisis.
Before the stock market crashed IMAX stock was at $17 a share on average. Then February and March came and IMAX stock price fell to around $7 a share at its lowest point. Since then, IMAX stock has begun to rise in the share price. As of July 24th, IMAX stock price is at $12.59 a share on average. That places IMAX stock more than 79% higher than its low point.
IMAX stock price may still be down nearly 26% from its pre-pandemic price but it is on the rise. In the last month, IMAX stock is up 21.40% in the share price. IMAX is releasing earnings reports soon which analysts expect to be low but could have some shock improvements.
That is why LYV stock and IMAX stock are two potential entertainment stocks to buy. It is unsure when the entertainment industry can open up once again. Once physical entertainment such as live shows and movie theaters open, many entertainment stocks are expected to rise by investors. This is an interesting sector to look at if you are looking to invest. In the current state of the economy, there are many entertainment stocks to watch.