Entertainment Stock Pops as Ticket Sales Drive Q4 Beat
Live Nation Entertainment Inc (NYSE:LYV) stock is up 5.1% to trade at $165.43 at last check, after the the company reported smaller-than-expected losses for the fourth quarter and a revenue beat amid strong ticket sales. In response, no fewer than five analysts raised their price targets, including Bernstein to $200 from $185.
Analysts already leaned bullish toward LYV, with 19 of 23 in question sporting a "buy" or better rating. Plus, the 12-month consensus target price of $175.34 is a 6.2% premium to current levels. There's room for a short squeeze, though, with 10.6% of the equity's available float sold short.
The shares are now trading at their highest level since September, pushing above short-term resistance at $160. LYV is also on track for another weekly gain, after last week marking their best week since May 2023.
Options traders have been much more bearish than usual. This is per the security's 10-day put/call volume ratio of 2.08 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 79% of readings from the last 12 months.
Albeit amid light absolute volume, 1,977 calls have already crossed the tape today -- double the intraday average amount -- compared to only 662 puts. The most active contract is the February 165 call.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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