Liberty Media Corp. (LMCA) Sees Significant Growth in Short Interest
Liberty Media Corp. (NASDAQ:LMCA) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 2,305,843 shares, a growth of 111.0% from the August 31st total of 1,092,900 shares. Based on an average daily volume of 1,147,621 shares, the days-to-cover ratio is presently 2.0 days. Approximately 9.4% of the shares of the stock are sold short.
Shares of Liberty Media Corp. (NASDAQ:LMCA) opened at 28.72 on Friday. Liberty Media Corp. has a 1-year low of $17.72 and a 1-year high of $30.11. The firm has a 50-day moving average price of $24.37 and a 200-day moving average price of $22.07.
In other news, Chairman John C. Malone sold 127,357 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $32.53, for a total transaction of $4,142,923.21. Following the completion of the transaction, the chairman now directly owns 16,164,220 shares in the company, valued at approximately $525,822,076.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher W. Shean sold 12,471 shares of the stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $29.55, for a total value of $368,518.05. Following the transaction, the chief financial officer now owns 24,157 shares of the company’s stock, valued at $713,839.35. The disclosure for this sale can be found here. 13.10% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Liberty Media Corp. by 3.7% in the first quarter. Geode Capital Management LLC now owns 713,883 shares of the company’s stock worth $27,566,000 after buying an additional 25,158 shares during the period. State Street Corp raised its stake in shares of Liberty Media Corp. by 7.4% in the first quarter. State Street Corp now owns 1,895,461 shares of the company’s stock worth $73,219,000 after buying an additional 130,672 shares in the last quarter. Teachers Advisors Inc. raised its stake in shares of Liberty Media Corp. by 5.1% in the first quarter. Teachers Advisors Inc. now owns 110,116 shares of the company’s stock worth $4,254,000 after buying an additional 5,362 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Liberty Media Corp. by 6.5% in the first quarter. TIAA CREF Investment Management LLC now owns 279,814 shares of the company’s stock worth $10,809,000 after buying an additional 17,081 shares in the last quarter. Finally, Societe Generale purchased a new stake in shares of Liberty Media Corp. during the second quarter worth about $192,000. Institutional investors and hedge funds own 24.54% of the company’s stock.
A number of research firms have recently commented on LMCA. Deutsche Bank AG downgraded Liberty Media Corp. from a “buy” rating to a “hold” rating and lowered their target price for the company from $44.00 to $23.00 in a research report on Tuesday, June 7th. They noted that the move was a valuation call. FBR & Co reiterated a “buy” rating and set a $25.00 target price on shares of Liberty Media Corp. in a research report on Thursday, September 8th. FBN Securities reiterated an “outperform” rating on shares of Liberty Media Corp. in a research report on Monday. Wunderlich downgraded Liberty Media Corp. from a “buy” rating to a “hold” rating and increased their target price for the company from $25.50 to $31.00 in a research report on Monday. Finally, Zacks Investment Research upgraded Liberty Media Corp. from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Tuesday, August 23rd. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $37.00.
Liberty Media Corp. Company Profile
Liberty Media Corporation (Liberty) owns interests in subsidiaries and other companies, which are engaged in the media and entertainment industries. Through its subsidiaries and affiliates, the Company principally operates in North America. Its principal businesses and assets include its consolidated subsidiaries Sirius XM Holdings Inc (SIRIUS XM) and the Braves Holdings, LLC (Braves Holdings), and its equity affiliate Live Nation Entertainment, Inc (Live Nation).
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