Eventbrite (NYSE:EB) Downgraded by KeyCorp

KeyCorp downgraded shares of Eventbrite (NYSE:EB) from an overweight rating to a sector weight rating in a research note released on Friday, Marketbeat.com reports.

Several other research analysts have also commented on EB. Morgan Stanley cut their price target on shares of Eventbrite from $9.00 to $6.50 and set an equal weight rating on the stock in a report on Tuesday, May 21st. Piper Sandler lowered shares of Eventbrite from an overweight rating to a neutral rating and reduced their target price for the company from $9.00 to $4.00 in a report on Friday. Truist Financial downgraded Eventbrite from a buy rating to a hold rating in a report on Friday. Finally, BWS Financial reaffirmed a buy rating and issued a $12.00 target price on shares of Eventbrite in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $6.58.

Eventbrite Price Performance

Eventbrite stock traded down $0.15 during midday trading on Friday, reaching $2.99. 1,078,346 shares of the company were exchanged, compared to its average volume of 1,790,685. The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.86 and a current ratio of 1.86. The company has a market capitalization of $290.37 million, a price-to-earnings ratio of -16.53 and a beta of 2.34. The firm’s 50-day simple moving average is $4.82 and its 200-day simple moving average is $5.72. Eventbrite has a 1 year low of $2.51 and a 1 year high of $10.94.

Eventbrite (NYSE:EB) last released its earnings results on Thursday, August 8th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Eventbrite had a negative net margin of 5.47% and a negative return on equity of 10.00%. The business had revenue of $84.55 million for the quarter, compared to analysts’ expectations of $86.15 million. During the same period last year, the company earned ($0.03) earnings per share. On average, analysts anticipate that Eventbrite will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Eventbrite

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in Eventbrite during the fourth quarter valued at approximately $128,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Eventbrite by 10.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,805 shares of the company’s stock worth $291,000 after acquiring an additional 3,311 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Eventbrite in the 4th quarter valued at approximately $513,000. New York State Common Retirement Fund lifted its stake in shares of Eventbrite by 18.6% in the 4th quarter. New York State Common Retirement Fund now owns 35,380 shares of the company’s stock worth $296,000 after acquiring an additional 5,549 shares during the period. Finally, Semanteon Capital Management LP bought a new position in Eventbrite during the fourth quarter valued at about $302,000. 91.64% of the stock is owned by institutional investors and hedge funds.

About Eventbrite

Eventbrite, Inc operates a two-sided marketplace that provides self-service ticketing and marketing tools for event creators 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, enhance reach, and drive ticket sales.