Company Update (NASDAQ:SFXE): SFX Entertainment Inc Special Committee Provides Update on Sale Process
The Special Committee of the Board of Directors of SFX Entertainment Inc (NASDAQ:SFXE) announced that it has received preliminary indications of interests from parties interested in acquiring the Company, including a preliminary bid from Robert F.X. Sillerman (“Sillerman”), the Company’s Chairman and Chief Executive Officer. The committee is not disclosing the terms contained in these preliminary indications of interest at this time. Mr. Sillerman’s preliminary bid was publicly filed with the Securities and Exchange Commission in an amendment to his Schedule 13D. The committee is evaluating the indications of interests and is in discussions with those parties concerning the next steps in the process. The committee expects to finalize the bidding process as expediently as possible. (Original Source)
Shares of SFX Entertainment closed yesterday at $0.895. SFXE has a 1-year high of $5.65 and a 1-year low of $0.40. The stock’s 50-day moving average is $0.66 and its 200-day moving average is $3.00.
On the ratings front, SFX Entertainment has been the subject of a number of recent research reports. In a report issued on August 18, Stifel Nicolaus analyst Benjamin Mogil downgraded SFXE to Sell, with a price target of $1, which represents a potential upside of 11.7% from where the stock is currently trading. Separately, on August 17, Albert Fried’s Richard Tullo maintained a Buy rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Benjamin Mogil and Richard Tullo have a total average return of 0.5% and 5.2% respectively. Mogil has a success rate of 43.9% and is ranked #2154 out of 3795 analysts, while Tullo has a success rate of 56.5% and is ranked #764.
SFX Entertainment Inc is engaged in the production and promotion of live electronic music culture festivals and events, production of music tours, merchandising and related services in the United States.