Live Nation Entertainment Inc. (LYV) Shares Gap Up to $26.43
Live Nation Entertainment Inc. (NYSE:LYV) shares gapped up prior to trading on Thursday . The stock had previously closed at $26.31, but opened at $26.43. Live Nation Entertainment shares last traded at $26.91, with a volume of 535,965 shares.
LYV has been the subject of several research reports. Zacks Investment Research raised Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Saturday, June 11th. JPMorgan Chase & Co. initiated coverage on Live Nation Entertainment in a research report on Thursday. They issued an “overweight” rating and a $34.00 target price for the company. Northcoast Research raised Live Nation Entertainment from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Monday, May 2nd. Albert Fried & Company reaffirmed a “buy” rating and issued a $34.00 target price on shares of Live Nation Entertainment in a research report on Tuesday, July 26th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $31.00 target price on shares of Live Nation Entertainment in a research report on Friday, July 29th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Live Nation Entertainment presently has an average rating of “Buy” and an average price target of $31.43.
The firm’s market capitalization is $5.44 billion. The stock’s 50-day moving average price is $25.45 and its 200-day moving average price is $23.09.
Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, July 28th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.05. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the firm posted $0.06 earnings per share. The firm’s revenue was up 23.4% compared to the same quarter last year. Equities analysts predict that Live Nation Entertainment Inc. will post ($0.12) EPS for the current fiscal year.
In related news, Director Robert Ted Enloe III sold 5,363 shares of the business’s stock in a transaction that occurred on Monday, June 13th. The stock was sold at an average price of $23.54, for a total transaction of $126,245.02. Following the transaction, the director now directly owns 19,061 shares of the company’s stock, valued at approximately $448,695.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Several hedge funds and institutional investors have bought and sold shares of LYV. Royce & Associates LLC acquired a new position in Live Nation Entertainment during the fourth quarter worth $1,690,000. Trexquant Investment LP raised its position in Live Nation Entertainment by 21.8% in the fourth quarter. Trexquant Investment LP now owns 79,685 shares of the company’s stock worth $1,958,000 after buying an additional 14,266 shares during the last quarter. I.G. Investment Management LTD. raised its position in Live Nation Entertainment by 18.3% in the fourth quarter. I.G. Investment Management LTD. now owns 317,110 shares of the company’s stock worth $7,791,000 after buying an additional 49,112 shares during the last quarter. Jennison Associates LLC raised its position in Live Nation Entertainment by 2.2% in the fourth quarter. Jennison Associates LLC now owns 2,368,709 shares of the company’s stock worth $58,199,000 after buying an additional 51,970 shares during the last quarter. Finally, Foresters Investment Management Company Inc. raised its position in Live Nation Entertainment by 27.3% in the fourth quarter. Foresters Investment Management Company Inc. now owns 210,000 shares of the company’s stock worth $5,160,000 after buying an additional 45,000 shares during the last quarter.
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising, and artist management. Its segments include Concerts, Ticketing, Artist Nation, Sponsorship & Advertising, Other and Corporate.
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