Live Nation Entertainment (NYSE:LYV) Shares Gap Down to $101.40

Live Nation Entertainment, Inc. (NYSE:LYV) gapped down prior to trading on Thursday . The stock had previously closed at $101.40, but opened at $95.05. Live Nation Entertainment shares last traded at $98.36, with a volume of 1,190,341 shares changing hands.

Analyst Upgrades and Downgrades

LYV has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Live Nation Entertainment from $124.00 to $126.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Roth Mkm reaffirmed a “buy” rating and set a $120.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 23rd. Morgan Stanley increased their price objective on shares of Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Redburn Atlantic upgraded Live Nation Entertainment from a “neutral” rating to a “buy” rating and lifted their target price for the company from $114.00 to $115.00 in a research note on Thursday, May 9th. Finally, TD Cowen reiterated a “buy” rating and set a $108.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, April 16th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Live Nation Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $116.83.

Live Nation Entertainment Price Performance

The company has a debt-to-equity ratio of 10.83, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50 day moving average price is $98.38 and its 200 day moving average price is $93.30. The firm has a market capitalization of $21.52 billion, a P/E ratio of 90.77, a PEG ratio of 2.06 and a beta of 1.34.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.32). The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.26 billion. Live Nation Entertainment had a return on equity of 90.67% and a net margin of 2.22%. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.25) EPS. As a group, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 1.39 EPS for the current fiscal year.

Insider Activity

In related news, Director Jeffrey T. Hinson sold 1,001 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $100.50, for a total transaction of $100,600.50. Following the sale, the director now owns 59,374 shares of the company’s stock, valued at approximately $5,967,087. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYV. Plato Investment Management Ltd increased its stake in shares of Live Nation Entertainment by 3,291.8% in the first quarter. Plato Investment Management Ltd now owns 5,359 shares of the company’s stock valued at $567,000 after buying an additional 5,201 shares during the period. Western Pacific Wealth Management LP lifted its position in shares of Live Nation Entertainment by 14.7% in the 1st quarter. Western Pacific Wealth Management LP now owns 1,125 shares of the company’s stock worth $119,000 after purchasing an additional 144 shares during the period. iA Global Asset Management Inc. acquired a new stake in shares of Live Nation Entertainment during the first quarter worth $609,000. Tidal Investments LLC lifted its holdings in Live Nation Entertainment by 81.5% in the first quarter. Tidal Investments LLC now owns 22,354 shares of the company’s stock valued at $2,364,000 after buying an additional 10,040 shares during the period. Finally, California State Teachers Retirement System grew its holdings in Live Nation Entertainment by 0.9% during the 1st quarter. California State Teachers Retirement System now owns 257,860 shares of the company’s stock worth $27,274,000 after acquiring an additional 2,308 shares during the period. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.