LYV Rises on Goldman Sachs Bull Note

Goldman Sachs expects a surge in concerts

Deputy Editor
Jul 16, 2021 at 9:24 AM
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The shares of Live Nation Entertainment Inc (NYSE:LYV) are up 3.2% to trade at $82.50 ahead of the bell this morning, after Goldman Sachs initiated coverage with a "buy" rating. The firm sees an upcoming surge in concert activity, and "strong secular growth in the global live events' industry."

The brokerage bunch is split down the middle, with four of the eight analysts in coverage sporting a tepid "hold" rating, and the remaining four a "strong buy." Meanwhile, the 12.80 million shares sold short account for 8.6% of the stock's available float, or six days of pent-up buying power. 

Over in the options pits, sentiment has been extremely bullish. This is per LYV's 50-day call/put volume ratio of 2.22 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 95% of readings from the past year. This shows long calls being picked up at a much faster-than-usual rate in the last 10 weeks. 

On the charts, LYV found a ceiling at the $94 level in recent months, home to its March 3 record high of $94.63. The equity pulled back from that region beginning at the end of June; however, long-term support from the 180-day moving average swooped in to catch yesterday's pullback. Long-term, Live Nation Entertainment stock is up 54.2% year-over-year.


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