Sphere Entertainment Co. shares rose 11.1% to $41.99 on Monday (Oct. 2) — and reached a high of $43.59, up 17.3% from Friday’s closing price — after the world got its first glimpses of the revolutionary concert venue over the weekend.
The $2.3 billion venue opened on Friday (Sept. 29) with the first of 25 dates of U2’s residency, which concludes Dec. 16. In its recap, Billboard called Sphere a “mind-blowing space” with “hard-to-fathom floor-to-ceiling graphics” and immersive audio that “made it feel like you were in a recording studio with U2.”
Investors’ interest increased Sphere’s market capitalization by $143.2 million to $1.43 billion. Trading volume of 3 million was nearly six times greater than the average daily volume of 538,000 shares.
Sphere Entertainment Co., formerly Madison Square Garden Entertainment (MSGE), was formed on April 20 when MSGE’s traditional…