Live Nation Entertainment, Inc. (NYSE: LYV) shares fell in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile in early trading, the Dow Jones Industrial Average DJIA, +0.31% rose 24 points, or 0.1%, to 19,883, while the S&P 500 index ESH7, +0.13% dipped less than 1 point to 2,268. The Nasdaq Composite COMP, +0.02% which reached its fourth-straight record close on Tuesday, rose 1 point to 5,553.
Analysts at Albert Fried & Company reiterated a Hold rating on shares of Live Nation Entertainment, Inc. (NYSE: LYV) in a reserach note to investors, making it one of the more actively watched stocks on Wall Street. The company currently has a rating of Hold on the stock. The one-year price target of $32.43 is above the opening price of $27.56, resulting a number of other analysts to issue statements on the stock in recent days. Looking back over the last year, Live Nation Entertainment, Inc. stock has a high of $29.04. Share prices sometimes get a bounce to the upside when analysts reiterate coverage.
Yesterday Live Nation Entertainment, Inc. (NYSE: LYV) shares last traded at $27.52, which represents a drop of $0.13 from the previous closing price. Opening at $27.56, they varied from $27.37 and $27.59 throughout the day.
Live Nation Entertainment, Inc. (NYSE: LYV) currently has a market cap of 5.57B.
Live Nation Entertainment, Inc. (NYSE: LYV) Average Daily Trading Volume
26,706 shares traded hands yesterday, 15 percent lower than the average, out of a total float 130,993,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have substantial teams of analysts that investigate thousands of stocks, so it is good corroboration to see them buying a stock you are researching.
Live Nation Entertainment, Inc. (NYSE: LYV) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Live Nation Entertainment, Inc. (NYSE: LYV) have ranged from $18.77 – 29.04, and the stock now has a 50-day MA of $27.38 and 200-day MA of $26.71. Today’s last price is 5.23%% lower than the 52 week high of $29.04.
Earnings growth is an important factor to research when buying stocks and investors identify companies that have increased their earnings by at least 25% for the past 3 years.
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