Live Nation Entertainment (NYSE:LYV) Shares Gap Down - Here's What Happened

Shares of Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $140.22, but opened at $135.92. Live Nation Entertainment shares last traded at $136.55, with a volume of 845,737 shares changing hands.

Wall Street Analyst Weigh In

LYV has been the topic of several research reports. Macquarie lifted their price target on shares of Live Nation Entertainment from $146.00 to $165.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. lifted their target price on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Bank of America lifted their target price on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, February 24th. Rosenblatt Securities dropped their price target on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Roth Mkm dropped their price target on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Live Nation Entertainment has an average rating of "Moderate Buy" and an average target price of $162.07.

Live Nation Entertainment Trading Up 0.8%

The company has a market cap of $31.80 billion, a P/E ratio of 50.44, a PEG ratio of 1.81 and a beta of 1.47. The stock's 50 day moving average is $133.59 and its 200-day moving average is $135.37. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.10.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The firm had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.63 billion. Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. The business's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. Research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 500 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $122.95, for a total value of $61,475.00. Following the completion of the transaction, the director now directly owns 52,624 shares of the company's stock, valued at approximately $6,470,120.80. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Hopmans sold 34,808 shares of Live Nation Entertainment stock in a transaction on Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the sale, the executive vice president now owns 189,456 shares of the company's stock, valued at approximately $27,922,025.28. This trade represents a 15.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,374 shares of company stock valued at $5,815,812 in the last three months. 3.01% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its stake in Live Nation Entertainment by 17.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 493 shares of the company's stock valued at $65,000 after purchasing an additional 75 shares during the last quarter. Gilbert & Cook Inc. grew its stake in shares of Live Nation Entertainment by 1.4% during the first quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock worth $723,000 after acquiring an additional 75 shares during the last quarter. SOA Wealth Advisors LLC. grew its stake in shares of Live Nation Entertainment by 19.0% during the fourth quarter. SOA Wealth Advisors LLC. now owns 500 shares of the company's stock worth $65,000 after acquiring an additional 80 shares during the last quarter. Western Pacific Wealth Management LP grew its stake in shares of Live Nation Entertainment by 10.4% during the fourth quarter. Western Pacific Wealth Management LP now owns 867 shares of the company's stock worth $112,000 after acquiring an additional 82 shares during the last quarter. Finally, Trust Asset Management LLC grew its stake in shares of Live Nation Entertainment by 5.8% during the first quarter. Trust Asset Management LLC now owns 1,785 shares of the company's stock worth $233,000 after acquiring an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Company 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.