The stock of Live Nation Entertainment, Inc. (NYSE:LYV) is now priced at $58.71 and the shares are 1.45 points up or 2.53% higher compared to its previous closing price of $57.26. The stock had 3.098 million contracts set over the past session. LYV shares’ daily volume is compared to its average trading volume at 2.829 million shares. However, it has a float of 159 million and although its performance was 14.85% over the week, it’s one to watch. Analysts have given the LYV stock a yearly average price target of $50.8 per share. It means the stock’s downside potential is -13.47% with the LYV share price recently placing at $57.02 to $59.03. However, some brokerage firms have priced the stock below the average, including one that has called $40.
The shorts are running away from the Live Nation Entertainment, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the LYV shares have declined. Short interest in the stock represents just 9.75% of its float, but the volume has dropped by 0.
In the last trading session, Live Nation Entertainment, Inc. (NYSE:LYV) raised by $7.59 over the week and gained $11.9 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $76.6. The stock recorded its established 52-week high on 02/19/20.
Since 03/18/20, the stock has traded to a low of $21.7 at 170.55%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.18. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Live Nation Entertainment, Inc.’s two-week RSI is 76.41. This suggests that the stock is oversold at the moment and that LYV shares’ price movement remains not stable. The stochastic readings are equally revealing at 86.55% meaning the LYV share price is currently in oversold territory.
The technical chart shows that the LYV stock will likely settle at between $59.49 and $60.26 per share. However, if the stock dips below $57.48, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $56.24.
Currently, the stock is trading in the green of MACD, with a reading of 2.77. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Berenberg cut their recommendation for LYV from Buy to Hold in March 31 review. Citigroup analysts upgraded their recommendation of the stock from Sell to Neutral while keeping its target price at $63 to $35 in a flash note released to investors on March 24. Cowen analysts see the stock as Outperform when the analysts initiated the share price coverage on January 27, placing it at $85.
The average rating for the LYV equity is 2.13 and is currently gathering a bullish momentum. Of 14 analysts tracking Live Nation Entertainment, Inc. polled by Reuters, 4 rated LYV as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 35.9. Live Nation Entertainment, Inc. has its P/E ratio at 37.3, which means that the stock is currently trading at a premium relative to the 3.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Live Nation Entertainment, Inc. (NYSE:LYV) will increase by about 216.3%, which will see them reach $234 million. The company’s full-year revenues are, however, expected to diminish by about -82.08%, down from $11600 million to $2070 million. LYV’s expected adjusted earnings should drop almost -416.9% to end up at -$2.25 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 38550% to record -$7.73/share.