Venu (NYSEAMERICAN:VENU) Shares Gap Down - Here's What Happened

Key Points

• Venu Holding Corporation shares opened at $15.25, significantly lower than the previous close of $17.93, and last traded at $14.49 with a trading volume of 91,705 shares.
• Analysts have a consensus rating of Strong Buy on Venu stock with a target price of $15.00, following upgrades by brokerages including Northland Capital Markets.
• In recent insider trading, Director David Lavigne and CEO Jay W. Roth sold portions of their shares, with 127,736 shares sold worth over $1.6 million in the last 90 days.

Venu Holding Corporation (NYSEAMERICAN:VENU - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $17.93, but opened at $15.25. Venu shares last traded at $14.49, with a volume of 91,705 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on VENU. Northland Capmk upgraded shares of Venu to a "strong-buy" rating in a research report on Wednesday, June 11th. Northland Securities began coverage on shares of Venu in a research report on Wednesday, June 11th. They issued an "outperform" rating and a $15.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $15.00.

Venu Stock Performance

The firm has a market cap of $630.45 million and a PE ratio of -13.14. The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.27. The firm's 50 day simple moving average is $13.68 and its 200 day simple moving average is $10.66.

Insider Transactions at Venu

In other news, Director David Lavigne sold 2,390 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $11.32, for a total value of $27,054.80. Following the sale, the director directly owned 163,474 shares in the company, valued at $1,850,525.68. The trade was a 1.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jay W. Roth sold 3,055 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $12.20, for a total transaction of $37,271.00. Following the completion of the sale, the chief executive officer owned 9,244,644 shares in the company, valued at approximately $112,784,656.80. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,736 shares of company stock worth $1,613,691.

Hedge Funds Weigh In On Venu

Several hedge funds have recently added to or reduced their stakes in the company. First Western Trust Bank bought a new position in Venu during the 1st quarter valued at about $5,338,000. Bard Associates Inc. grew its holdings in Venu by 3.8% during the 1st quarter. Bard Associates Inc. now owns 211,090 shares of the company's stock valued at $1,953,000 after purchasing an additional 7,700 shares during the last quarter. Focus Partners Wealth bought a new position in Venu during the 4th quarter valued at about $589,000. Pallas Capital Advisors LLC grew its holdings in Venu by 95.2% during the 2nd quarter. Pallas Capital Advisors LLC now owns 40,666 shares of the company's stock valued at $479,000 after purchasing an additional 19,833 shares during the last quarter. Finally, Willis Investment Counsel bought a new position in Venu during the 1st quarter valued at about $299,000.

About Venu

Venu Holding Corporation is a premier hospitality and live music company dedicated to crafting luxury, experience-driven entertainment destinations. Venu Holding Corporation is based in COLORADO SPRINGS, Colo.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.