Shares of LiveXLive Media (LIVX) are soaring today, up by 9% as of 12:28 p.m. EDT, after a JMP Securities analyst raised his price target on the stock from $4 per share to $7 per share. That target is 48% above where the music streaming platform closed on Friday.
With the COVID-19 pandemic limiting participation at live concerts, a media stock like LiveXLive that broadcasts concerts via audio and video has proven to be a popular alternative.
LiveXLive hosted its first 48-hour music festival called "Music Lives" last April, earning over 50 million views, with "over 5 billion views for #music lives on TikTok" on more than 100 performances.
LiveXLive also just announced a new pay-per-view rap concert scheduled for the end of the month featuring Lil TJay.
The company also owns the PodcastOne digital audio network, which generated more than 2.25 billion downloads last year, with more than 40 episodes distributed per week.