Live Nation Entertainment Sees Unusually High Options Volume (NYSE:LYV)

Live Nation Entertainment, Inc. (NYSE:LYV) was the target of unusually large options trading activity on Wednesday. Traders purchased 1,540 put options on the company. This is an increase of approximately 1,263% compared to the typical volume of 113 put options.

Several research analysts recently issued reports on LYV shares. Zacks Investment Research raised shares of Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $63.00 target price for the company in a report on Thursday, February 14th. Citigroup cut shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating and raised their target price for the stock from $59.00 to $63.00 in a report on Friday, March 15th. They noted that the move was a valuation call. ValuEngine cut shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a report on Monday, April 1st. Stephens raised their target price on shares of Live Nation Entertainment to $70.00 and gave the stock an “overweight” rating in a report on Friday, March 29th. Finally, Atlantic Securities started coverage on shares of Live Nation Entertainment in a report on Tuesday. They set an “overweight” rating and a $75.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $63.18.

In related news, Director Robert Ted Enloe III sold 5,447 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $62.45, for a total transaction of $340,165.15. Following the completion of the transaction, the director now owns 67,886 shares of the company’s stock, valued at $4,239,480.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark S. Shapiro sold 8,000 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $64.90, for a total transaction of $519,200.00. Following the transaction, the director now directly owns 36,765 shares of the company’s stock, valued at approximately $2,386,048.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,237 shares of company stock valued at $1,359,873. Corporate insiders own 4.82% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in shares of Live Nation Entertainment by 81.0% in the first quarter. Parallel Advisors LLC now owns 543 shares of the company’s stock valued at $35,000 after purchasing an additional 243 shares during the period. CWM LLC grew its position in shares of Live Nation Entertainment by 59.5% in the first quarter. CWM LLC now owns 622 shares of the company’s stock valued at $40,000 after purchasing an additional 232 shares during the period. Icon Wealth Partners LLC acquired a new stake in shares of Live Nation Entertainment in the first quarter valued at about $40,000. Rockefeller Capital Management L.P. acquired a new stake in shares of Live Nation Entertainment in the first quarter valued at about $44,000. Finally, Captrust Financial Advisors acquired a new stake in shares of Live Nation Entertainment in the fourth quarter valued at about $35,000. Institutional investors own 70.69% of the company’s stock.

LYV stock opened at $63.39 on Thursday. The firm has a market cap of $13.37 billion, a P/E ratio of -704.33 and a beta of 1.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.05. Live Nation Entertainment has a one year low of $46.02 and a one year high of $67.00.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.31) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.03. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.59 billion. Live Nation Entertainment had a net margin of 0.22% and a return on equity of 1.77%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.24) earnings per share. Research analysts predict that Live Nation Entertainment will post 0.27 earnings per share for the current year.

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About Live Nation Entertainment

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

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