Eventbrite (NYSE:EB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Eventbrite (NYSE:EB) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. They currently have $20.00 price target on the stock.

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. “

Several other analysts also recently issued reports on the stock. ValuEngine raised shares of Eventbrite from a hold rating to a buy rating in a research note on Tuesday, September 24th. SunTrust Banks set a $20.00 target price on shares of Eventbrite and gave the company a hold rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Eventbrite currently has an average rating of Buy and a consensus target price of $22.50.

NYSE:EB traded up $3.99 during trading hours on Tuesday, hitting $21.32. 3,016,582 shares of the stock traded hands, compared to its average volume of 803,769. The firm has a 50 day moving average price of $17.79 and a 200 day moving average price of $17.67. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.19. Eventbrite has a fifty-two week low of $15.30 and a fifty-two week high of $33.82. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -14.70 and a beta of 2.05.

Eventbrite (NYSE:EB) last announced its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.10). Eventbrite had a negative net margin of 23.53% and a negative return on equity of 13.82%. The firm had revenue of $82.10 million for the quarter, compared to analyst estimates of $76.49 million. During the same period last year, the firm earned ($1.24) earnings per share. Eventbrite’s revenue for the quarter was up 11.5% compared to the same quarter last year. Research analysts predict that Eventbrite will post -0.77 EPS for the current year.

In other news, CTO Patrick David Poels sold 25,627 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $18.41, for a total value of $471,793.07. Also, insider Samantha Harnett sold 7,361 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $18.01, for a total transaction of $132,571.61. Corporate insiders own 19.61% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Eventbrite by 113.9% in the second quarter. Vanguard Group Inc. now owns 2,822,011 shares of the company’s stock worth $45,716,000 after acquiring an additional 1,502,978 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Eventbrite by 95.4% in the second quarter. Baillie Gifford & Co. now owns 2,934,531 shares of the company’s stock worth $47,539,000 after purchasing an additional 1,432,490 shares in the last quarter. Cowen Prime Services LLC bought a new stake in Eventbrite in the second quarter worth $270,000. Envestnet Asset Management Inc. boosted its holdings in Eventbrite by 35.8% in the second quarter. Envestnet Asset Management Inc. now owns 23,186 shares of the company’s stock worth $376,000 after purchasing an additional 6,118 shares in the last quarter. Finally, ARK Investment Management LLC boosted its holdings in Eventbrite by 125.1% in the second quarter. ARK Investment Management LLC now owns 1,647,777 shares of the company’s stock worth $26,694,000 after purchasing an additional 915,824 shares in the last quarter. 54.61% of the stock is currently owned by institutional investors and hedge funds.

About Eventbrite

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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