Zacks Investment Research downgraded shares of Eventbrite (NYSE:EB) from a hold rating to a sell rating in a report issued on Wednesday, Zacks.com reports.
According to Zacks, “Eventbrite, Inc. offers a platform which allows users to provide online event planning services, as well as publishes, promotes and sells tickets through social networks and e-mails. Eventbrite, Inc. is based in San Francisco, United States. “
EB has been the topic of a number of other reports. Stifel Nicolaus restated a hold rating and issued a $28.00 target price (up from $20.00) on shares of Eventbrite in a research note on Thursday, May 2nd. SunTrust Banks restated a hold rating and issued a $28.00 target price on shares of Eventbrite in a research note on Monday, April 29th. Finally, Royal Bank of Canada dropped their target price on shares of Eventbrite and set an outperform rating on the stock in a research note on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Eventbrite currently has a consensus rating of Hold and an average price target of $27.40.
NYSE:EB traded up $0.21 during mid-day trading on Wednesday, hitting $18.66. 12,493 shares of the stock traded hands, compared to its average volume of 762,030. The company has a market capitalization of $1.50 billion and a price-to-earnings ratio of -12.87. Eventbrite has a 52 week low of $15.30 and a 52 week high of $40.25. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.22.
Eventbrite (NYSE:EB) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.05). The company had revenue of $81.30 million for the quarter, compared to the consensus estimate of $82.97 million. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, equities analysts forecast that Eventbrite will post -0.35 EPS for the current fiscal year.
In other news, Director Andrew Dreskin sold 5,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Omer Cohen sold 100,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $25.01, for a total transaction of $2,501,000.00. The disclosure for this sale can be found here. Insiders sold a total of 960,399 shares of company stock worth $20,555,176 over the last 90 days.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. bought a new position in shares of Eventbrite during the first quarter valued at approximately $28,794,000. Nikko Asset Management Americas Inc. purchased a new stake in Eventbrite during the first quarter valued at approximately $24,442,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Eventbrite during the first quarter valued at approximately $24,442,000. BlackRock Inc. lifted its position in Eventbrite by 57.4% during the fourth quarter. BlackRock Inc. now owns 796,405 shares of the company’s stock valued at $22,148,000 after acquiring an additional 290,404 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Eventbrite by 61.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 789,844 shares of the company’s stock valued at $21,966,000 after acquiring an additional 299,694 shares during the last quarter. Hedge funds and other institutional investors own 35.60% of the company’s stock.
Eventbrite, Inc operates a ticketing and event technology platform in the United States and internationally. Its platform integrates components needed to plan, promote, and produce live events that allow creators to reduce friction and costs, increase reach, and drive ticket sales. The company was formerly known as Mollyguard Corporation and changed its name to Eventbrite, Inc in 2009.
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