Live Nation Entertainment, Inc. $LYV Shares Sold by Elequin Capital LP

Key Points

• Elequin Capital LP sold 100% of its stake in Live Nation Entertainment, reducing its shares from 16,767,339 to just 233 during the first quarter.
• Live Nation reported earnings of $0.41 per share for the latest quarter, missing expectations by $0.67, despite a revenue increase of 16.3% year-over-year.
• Analysts have a consensus rating of "Moderate Buy" on Live Nation stock, with a target price averaging $167.41 following several upward revisions by different firms.

Elequin Capital LP lessened its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 100.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 233 shares of the company's stock after selling 16,767,339 shares during the quarter. Elequin Capital LP's holdings in Live Nation Entertainment were worth $30,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Live Nation Entertainment in the 1st quarter valued at $1,153,000. Praxis Investment Management Inc. raised its holdings in shares of Live Nation Entertainment by 45.2% in the 1st quarter. Praxis Investment Management Inc. now owns 5,560 shares of the company's stock valued at $726,000 after buying an additional 1,730 shares during the period. Stratos Wealth Partners LTD. purchased a new stake in shares of Live Nation Entertainment in the 1st quarter valued at $272,000. Teacher Retirement System of Texas purchased a new stake in shares of Live Nation Entertainment in the 1st quarter valued at $3,081,000. Finally, Personal CFO Solutions LLC acquired a new stake in shares of Live Nation Entertainment in the first quarter valued at $277,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

Shares of LYV traded up $3.1630 during midday trading on Friday, reaching $165.6330. 1,914,547 shares of the stock were exchanged, compared to its average volume of 2,490,968. The company has a market capitalization of $38.84 billion, a price-to-earnings ratio of 71.70, a PEG ratio of 9.76 and a beta of 1.46. Live Nation Entertainment, Inc. has a twelve month low of $92.57 and a twelve month high of $166.54. The business's 50-day moving average price is $150.76 and its 200 day moving average price is $141.15. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.67). Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The company had revenue of $7.01 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the firm earned $1.03 EPS. The business's revenue was up 16.3% on a year-over-year basis. On average, sell-side analysts expect that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

LYV has been the subject of several analyst reports. Oppenheimer boosted their target price on Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Sanford C. Bernstein initiated coverage on Live Nation Entertainment in a research note on Wednesday, June 4th. They set an "outperform" rating and a $185.00 target price for the company. Wolfe Research boosted their target price on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Moffett Nathanson initiated coverage on Live Nation Entertainment in a research note on Monday. They set a "buy" rating and a $195.00 target price for the company. Finally, Guggenheim reissued a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Eighteen equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $168.94.

Live Nation Entertainment 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.