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Top Buys by Directors: Iovine's $1M Bet on LYV
By Market News Video Staff, Friday, December 2, 11:07 AM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $1M by Jimmy Iovine, Director at Live Nation Entertainment Inc (NYSE:LYV).
Iovine bets big on LYV:
Purchased
Insider
Title
Shares
Price/Share
Value
12/01/2022
Jimmy Iovine
Director
13,740
$73.28
$1,006,867.20
Iovine's average cost works out to $73.28/share. In trading on Friday, bargain hunters could buy shares of Live Nation Entertainment Inc (NYSE:LYV) and achieve a cost basis lower than Iovine, with shares changing hands as low as $72.47 per share. Shares of Live Nation Entertainment Inc were changing hands at $73.57 at last check, trading trading flat on Friday. The chart below shows the one year performance of LYV shares, versus its 200 day moving average:
Looking at the chart above, LYV's low point in its 52 week range is $65.05 per share, with $126.79 as the 52 week high point — that compares with a last trade of $73.57.
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