In a report released today, Kevin Dede from H.C. Wainwright reiterated a Buy rating on Livexlive Media Inc (LIVX – Research Report), with a price target of $10. The company’s shares closed on Friday at $5.73.
“We expect LiveXLive to focus on the larger festivals that attract the most attention and marquee high-profile performers of international repute, and we understand that could amount to as many as 20 Insomniac events. (2) LiveXLive’s recently announced affiliation with iHeartRADIO (private) led to widely streamed ALTerEGO event on January 19. Based on that past success, we expect the relationship to expand in a greater number of streamed events, again minding LiveXLive’s strict criteria. Given the new LiveZone on-premise feature, LiveXLive’s costs per festival most likely trend toward the high end of its $300,000 to $500,000 average, and conservative financial management predicates not allocating precious dollars toward events that may not elicit a number of participant eyeballs—and ears—LiveXLive judges as worthy.”
According to TipRanks.com, Dede has 0 stars on 0-5 star ranking scale with an average return of -12.0% and a 31.7% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as Top Image Systems, Microvision, and Resonant.
Currently, the analyst consensus on Livexlive Media Inc is a Strong Buy with an average price target of $8.33, implying a 45.4% upside from current levels. In a report issued on March 18, Maxim Group also initiated coverage with a Buy rating on the stock with a $9 price target.
Based on Livexlive Media Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $6.56 million. In comparison, last year the company had a GAAP net loss of $3.93 million.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LIVX in relation to earlier this year.
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LiveXLive Media, Inc. engages in the pacquisition, distribution and monetization of live music, Internet radio, and music-related streaming and video content. It offers music fans the ability to watch, listen, experience, discuss, deliberate, and enjoy live music and entertainment.