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Lionsgate Stock Jumps on Success From Sleeper Hits

'Now You See Me,' 'Let Me Explain' overperform

Wall Street has stayed bullish on Lionsgate as the stock hit another record high in the wake of strong performances by sleeper hits “Kevin Hart: Let Me Explain” and “Now You See Me.”

The stock closed up 1%, gaining 32 cents to $31.82 a share Thursday. The stock has doubled in value this year following strong earnings reports and optimism that the studio can create a new young-adult franchise similar to its “Twilight” and “The Hunger Games” — most likely with “Divergent,” set for a March release.

Kevin Hart’s stand-up comedy film “Let Me Explain” has performed well above expectations with $20.5 million in eight days. “Now You See Me” has also overperformed, grossing $111.7 million domestically and $59 million internationally in six weeks.

SEE ALSO: Film Review: ‘Kevin Hart: Let Me Explain’

Additionally, Lionsgate’s dramedy “Orange Is the New Black” is showing serious traction as Netflix renewed the series June 27 for a second season before the first had even bowed on the streaming platform.

SEE ALSO: Netflix Renews ‘Orange Is the New Black’ Before Season One Debut

On June 19, FX gave a 10-episode series order to a Lionsgate comedy starring Kelsey Grammer and Martin Lawrence. Series is produced by Lionsgate TV under distrib Debmar-Mercury’s “10/90″ deal format that calls for accelerated production of 100 episodes if the initial 10-episode test run fares well.

The stock has hit more than two dozen record highs this year and has quadrupled in value since Lionsgate reached a $311 million settlement to cash out Carl Icahn’s 33% stake at $7 a share in August, 2011.

One Wall Street analyst predicted last week that “The Hunger Games: Catching Fire,” which debuts Nov. 22, will gross $900 million worldwide — up 22% from the $690 million that “Hunger Games” took in last year.

SEE ALSO: ‘Catching Fire’ Boosts Lionsgate Stock to Records

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