Zacks Investment Research Upgrades Livexlive Media (NASDAQ:LIVX) to “Buy”

Zacks Investment Research upgraded shares of Livexlive Media (NASDAQ:LIVX) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. The firm currently has $3.00 target price on the stock.

According to Zacks, “LiveXLive Media, Inc. is a wholly owned subsidiary of Loton, Corp which provide premium internet networks devoted to live music and music-related video content. The company provides an online destination for music fans to enjoy premium live performances from music venues and leading music festivals, such as Rock in Rio, Outside Lands Music and Arts Festival, Hangout Music Festival as well as premium original content, artist exclusives and industry interviews. LiveXLive Media Inc., formerly known as Loton Corp., is based in Beverly Hills, United States. “

A number of other brokerages have also recently issued reports on LIVX. LADENBURG THALM/SH SH increased their target price on Livexlive Media from $4.50 to $5.75 in a report on Friday, June 19th. HC Wainwright increased their target price on Livexlive Media from $4.50 to $6.00 and gave the stock a buy rating in a report on Friday, August 7th. Alliance Global Partners increased their target price on Livexlive Media from $5.50 to $6.00 and gave the stock a buy rating in a report on Friday, June 19th. Finally, Maxim Group restated a buy rating and set a $5.00 price objective on shares of Livexlive Media in a research note on Tuesday, August 11th. Seven analysts have rated the stock with a buy rating, The company currently has an average rating of Buy and a consensus target price of $5.18.

Livexlive Media stock opened at $3.01 on Thursday. Livexlive Media has a 52-week low of $0.72 and a 52-week high of $4.89. The stock’s 50 day moving average price is $2.77 and its two-hundred day moving average price is $2.73.

Livexlive Media (NASDAQ:LIVX) last issued its earnings results on Thursday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). Livexlive Media had a negative return on equity of 1,178.80% and a negative net margin of 89.47%. The firm had revenue of $10.51 million during the quarter, compared to the consensus estimate of $10.44 million. As a group, sell-side analysts forecast that Livexlive Media will post -0.45 EPS for the current year.

In other Livexlive Media news, CEO Robert S. Ellin bought 12,300 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was purchased at an average cost of $2.55 per share, with a total value of $31,365.00. Following the transaction, the chief executive officer now directly owns 1,450,746 shares in the company, valued at approximately $3,699,402.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert S. Ellin bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average cost of $2.80 per share, with a total value of $28,000.00. Following the completion of the transaction, the chief executive officer now owns 1,384,439 shares in the company, valued at $3,876,429.20. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 68,846 shares of company stock worth $185,342. Company insiders own 29.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in LIVX. Jane Street Group LLC purchased a new stake in shares of Livexlive Media during the 2nd quarter valued at $38,000. Russell Investments Group Ltd. purchased a new stake in shares of Livexlive Media during the 2nd quarter valued at $57,000. Advisory Services Network LLC purchased a new stake in shares of Livexlive Media during the 2nd quarter valued at $59,000. Bank of America Corp DE increased its position in shares of Livexlive Media by 1,532.7% during the 2nd quarter. Bank of America Corp DE now owns 17,209 shares of the company’s stock valued at $63,000 after purchasing an additional 16,155 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Livexlive Media during the 2nd quarter valued at $86,000. 32.05% of the stock is owned by hedge funds and other institutional investors.

Livexlive Media Company Profile

LiveXLive Media, Inc a digital media company, engages in the acquisition, distribution, and monetization of live music, Internet radio, podcasting, and music-related streaming and video content. It operates LiveXLive, a live music streaming platform; and Slacker Radio, a streaming music service, as well as produces original music-related content.

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