Live Nation Entertainment (NYSE:LYV) Shares Break Above 50 Day Moving Average – Here’s What Happened

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $173.33 and traded as high as $177.86. Live Nation Entertainment shares last traded at $177.44, with a volume of 2,096,797 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. TD Cowen reissued a “buy” rating on shares of Live Nation Entertainment in a research report on Monday, August 3rd. Benchmark boosted their price target on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Guggenheim upped their price objective on shares of Live Nation Entertainment from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Citigroup reiterated a “market outperform” rating on shares of Live Nation Entertainment in a research report on Thursday, October 1st. Finally, Susquehanna lowered their target price on shares of Live Nation Entertainment from $187.00 to $183.00 and set a “neutral” rating for the company in a research note on Tuesday, October 20th. Twenty research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $197.95.

Live Nation Entertainment Trading Down 0.0%

The firm has a 50-day moving average of $173.25 and a 200 day moving average of $166.55. The company has a market cap of $41.89 billion, a P/E ratio of -157.33 and a beta of 1.17. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.39. The business had revenue of $7.67 billion during the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. On average, analysts predict that Live Nation Entertainment, Inc. will post 1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In other news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction on Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the sale, the chief accounting officer owned 8,655 shares in the company, valued at $1,592,520. The trade was a 25.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC bought a new position in Live Nation Entertainment during the third quarter valued at about $200,000. Rakuten Investment Management Inc. raised its position in Live Nation Entertainment by 9.9% in the third quarter. Rakuten Investment Management Inc. now owns 28,346 shares of the company’s stock worth $4,850,000 after acquiring an additional 2,544 shares during the period. Provenance Wealth Advisors LLC bought a new stake in Live Nation Entertainment in the third quarter worth about $237,000. Gerber Kawasaki Wealth & Investment Management purchased a new position in Live Nation Entertainment in the third quarter valued at about $611,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Live Nation Entertainment during the 3rd quarter valued at approximately $6,770,000. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a global live entertainment company that promotes, produces and operates concerts, music festivals and other live events. Through its Live Nation Concerts business, the company works with artists and manages event production, marketing and venue operations across a broad range of musical genres.

The company also operates Ticketmaster, a ticketing platform that provides ticket sales, distribution and related services for concerts, sports events, performing arts programs and other live entertainment.