Live Nation Entertainment Inc. [NYSE: LYV] slipped around -2.14 points on Wednesday, while shares priced at $86.54 at the close of the session, down -2.41%. The company report on September 15, 2021 that Live Nation Entertainment Announces Pricing of $450 Million Common Stock Offering.
Live Nation Entertainment, Inc. (NYSE: LYV) (“we” or the “company”) announced the pricing of its previously announced offering of 5,239,259 shares of common stock, at a public offering price of $86.90 per share. The issuance and sale of the common stock are scheduled to settle on September 17, 2021, subject to customary closing conditions.
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The company estimates that the net proceeds from the offering will be approximately $449.6 million, after deducting the underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds from the offering to fund the previously announced acquisition of 51% of the capital stock of OCESA Entretenimiento, S.A. de C.V. (the “OCESA Acquisition”). The company intends to use any remaining proceeds for general corporate purposes. The closing of the common stock offering is not conditioned upon the completion of the OCESA Acquisition.
Live Nation Entertainment Inc. stock is now 17.77% up from its year-to-date (YTD) trading value. LYV Stock saw the intraday high of $87.28 and lowest of $84.38 per share. The company’s 52-week high price is 94.63, which means current price is +31.36% above from all time high which was touched on 03/03/21.
Compared to the average trading volume of 2.00M shares, LYV reached a trading volume of 4410026 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Live Nation Entertainment Inc. [LYV]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for LYV shares is $93.92 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on LYV stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Goldman have made an estimate for Live Nation Entertainment Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 16, 2021. While these analysts kept the previous recommendation, Wolfe Research raised their target price to Outperform. The new note on the price target was released on May 14, 2021, representing the official price target for Live Nation Entertainment Inc. stock. Previously, the target price had yet another raise from $88 to $96, while Jefferies kept a Buy rating on LYV stock.
The Average True Range (ATR) for Live Nation Entertainment Inc. is set at 2.53, with the Price to Sales ratio for LYV stock in the period of the last 12 months amounting to 14.76. Price to Free Cash Flow for LYV in the course of the last twelve months was 54.69 with Quick ratio for the last quarter at 1.00.
How has LYV stock performed recently?
Live Nation Entertainment Inc. [LYV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.17. With this latest performance, LYV shares gained by 6.66% in over the last four-week period, additionally sinking by -0.17% over the last 6 months – not to mention a rise of 47.05% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for LYV stock in for the last two-week period is set at 53.93, with the RSI for the last a single of trading hit 52.00, and the three-weeks RSI is set at 53.70 for Live Nation Entertainment Inc. [LYV]. The present Moving Average for the last 50 days of trading for this stock 82.83, while it was recorded at 87.36 for the last single week of trading, and 81.80 for the last 200 days.
Live Nation Entertainment Inc. [LYV]: Deeper insight into the fundamentals
Live Nation Entertainment Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.00.
Insider trade positions for Live Nation Entertainment Inc. [LYV]
There are presently around $13,605 million, or 73.70% of LYV stock, in the hands of institutional investors. The top three institutional holders of LYV stocks are: PRICE T ROWE ASSOCIATES INC /MD/ with ownership of 15,611,970, which is approximately 36.049% of the company’s market cap and around 2.40% of the total institutional ownership; VANGUARD GROUP INC, holding 15,015,816 shares of the stock with an approximate value of $1.3 billion in LYV stocks shares; and PUBLIC INVESTMENT FUND, currently with $1.09 billion in LYV stock with ownership of nearly 0% of the company’s market capitalization.
265 institutional holders increased their position in Live Nation Entertainment Inc. [NYSE:LYV] by around 17,287,318 shares. Additionally, 220 investors decreased positions by around 18,123,019 shares, while 86 investors held positions by with 121,800,509 shares. The mentioned changes placed institutional holdings at 157,210,846 shares, according to the latest SEC report filing. LYV stock had 83 new institutional investments in for a total of 1,649,131 shares, while 55 institutional investors sold positions of 8,259,923 shares during the same period.