Live Nation Entertainment (NYSE:LYV) Shares Gap Down to $99.77

Live Nation Entertainment, Inc. (NYSE:LYV)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $99.77, but opened at $90.99. Live Nation Entertainment shares last traded at $93.34, with a volume of 2,949,844 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Live Nation Entertainment from $124.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Rosenblatt Securities lowered their target price on shares of Live Nation Entertainment from $124.00 to $119.00 and set a “buy” rating on the stock in a research note on Thursday, April 11th. TD Cowen reissued a “buy” rating and issued a $108.00 target price on shares of Live Nation Entertainment in a research note on Tuesday. Oppenheimer upped their target price on shares of Live Nation Entertainment from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, February 21st. Finally, Roth Capital raised shares of Live Nation Entertainment from a “neutral” rating to a “buy” rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Live Nation Entertainment Stock Performance

The stock’s 50-day simple moving average is $98.97 and its 200 day simple moving average is $91.36. The stock has a market capitalization of $21.19 billion, a price-to-earnings ratio of 69.04 and a beta of 1.30. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 9.30.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, February 22nd. The company reported ($1.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.09). Live Nation Entertainment had a return on equity of 118.42% and a net margin of 2.48%. The company had revenue of $5.84 billion for the quarter, compared to analyst estimates of $4.72 billion. Analysts expect that Live Nation Entertainment, Inc. will post 1.63 earnings per share for the current fiscal year.

Insider Transactions at Live Nation Entertainment

In other news, Director Jeffrey T. Hinson sold 1,001 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $100.50, for a total transaction of $100,600.50. Following the transaction, the director now directly owns 59,374 shares in the company, valued at $5,967,087. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Large investors have recently modified their holdings of the stock. Czech National Bank lifted its holdings in Live Nation Entertainment by 0.5% in the first quarter. Czech National Bank now owns 24,965 shares of the company’s stock valued at $2,641,000 after buying an additional 115 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Live Nation Entertainment by 0.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 27,819 shares of the company’s stock valued at $2,324,000 after buying an additional 117 shares during the period. Hohimer Wealth Management LLC lifted its holdings in Live Nation Entertainment by 1.1% in the third quarter. Hohimer Wealth Management LLC now owns 11,512 shares of the company’s stock valued at $956,000 after buying an additional 123 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Live Nation Entertainment by 1.0% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 13,252 shares of the company’s stock valued at $1,100,000 after buying an additional 130 shares during the period. Finally, Raymond James Trust N.A. lifted its holdings in Live Nation Entertainment by 4.3% in the first quarter. Raymond James Trust N.A. now owns 3,139 shares of the company’s stock valued at $369,000 after buying an additional 130 shares during the period. 74.52% of the stock is currently owned by institutional investors and hedge funds.

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.