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

Live Nation Entertainment, Inc. (NYSE:LYV) shares gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. TD Cowen restated a “buy” rating and issued a $108.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, April 16th. Redburn Atlantic upgraded Live Nation Entertainment from a “neutral” rating to a “buy” rating and increased their price target for the stock from $114.00 to $115.00 in a report on Thursday, May 9th. Roth Mkm restated a “buy” rating and set a $120.00 target price on shares of Live Nation Entertainment in a research report on Friday. Rosenblatt Securities boosted their price target on Live Nation Entertainment from $119.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Finally, Morgan Stanley lifted their price objective on shares of Live Nation Entertainment from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $116.42.

Live Nation Entertainment Price Performance

The firm’s fifty day simple moving average is $98.02 and its 200-day simple moving average is $93.37. The firm has a market capitalization of $22.22 billion, a PE ratio of 91.42, a PEG ratio of 1.91 and a beta of 1.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 10.83.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.32). Live Nation Entertainment had a net margin of 2.22% and a return on equity of 90.67%. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the firm earned ($0.25) earnings per share. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. On average, research analysts forecast that Live Nation Entertainment, Inc. will post 1.38 earnings per share for the current fiscal year.

Insider Transactions at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 1,001 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $100.50, for a total value of $100,600.50. Following the completion of the transaction, the director now owns 59,374 shares of the company’s stock, valued at approximately $5,967,087. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.85% of the company’s stock.

Institutional Trading of Live Nation Entertainment

Several hedge funds have recently modified their holdings of the company. Cetera Advisors LLC purchased a new stake in Live Nation Entertainment during the first quarter valued at approximately $207,000. Plato Investment Management Ltd increased its position in shares of Live Nation Entertainment by 3,291.8% during the first quarter. Plato Investment Management Ltd now owns 5,359 shares of the company’s stock worth $567,000 after acquiring an additional 5,201 shares during the period. Western Pacific Wealth Management LP boosted its holdings in shares of Live Nation Entertainment by 14.7% in the first quarter. Western Pacific Wealth Management LP now owns 1,125 shares of the company’s stock valued at $119,000 after purchasing an additional 144 shares during the period. iA Global Asset Management Inc. purchased a new position in Live Nation Entertainment during the 1st quarter worth $609,000. Finally, Tidal Investments LLC raised its position in Live Nation Entertainment by 81.5% during the 1st quarter. Tidal Investments LLC now owns 22,354 shares of the company’s stock valued at $2,364,000 after purchasing an additional 10,040 shares in the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

About Live Nation Entertainment

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.