Vivid Seats Inc. (NASDAQ:SEAT) Short Interest Up 20.6% in April

Vivid Seats Inc. (NASDAQ:SEAT) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 9,650,000 shares, an increase of 20.6% from the March 31st total of 8,000,000 shares. Based on an average trading volume of 1,570,000 shares, the days-to-cover ratio is presently 6.1 days. Approximately 13.1% of the company’s stock are sold short.

Vivid Seats Stock Performance

Vivid Seats stock opened at $5.26 on Wednesday. The stock has a market cap of $1.11 billion, a P/E ratio of 9.56, a price-to-earnings-growth ratio of 2.83 and a beta of 1.20. The company has a current ratio of 0.50, a quick ratio of 0.46 and a debt-to-equity ratio of 2.52. The stock has a 50 day moving average of $5.76 and a 200-day moving average of $6.26. Vivid Seats has a 52 week low of $5.11 and a 52 week high of $9.89.

Institutional Investors Weigh In On Vivid Seats

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Vivid Seats during the 1st quarter valued at approximately $230,000. HBK Investments L P acquired a new stake in shares of Vivid Seats during the 4th quarter valued at approximately $4,424,000. Blackstone Inc. acquired a new stake in shares of Vivid Seats during the 4th quarter valued at approximately $4,424,000. Verition Fund Management LLC raised its position in shares of Vivid Seats by 308.5% during the 4th quarter. Verition Fund Management LLC now owns 836,222 shares of the company’s stock valued at $5,285,000 after acquiring an additional 631,530 shares in the last quarter. Finally, Ghisallo Capital Management LLC acquired a new stake in shares of Vivid Seats during the 4th quarter valued at approximately $3,792,000. 39.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SEAT. Craig Hallum began coverage on Vivid Seats in a report on Friday, February 9th. They issued a “buy” rating and a $10.00 price target for the company. Royal Bank of Canada decreased their price target on Vivid Seats from $10.00 to $8.00 and set a “sector perform” rating for the company in a report on Wednesday, March 6th. Maxim Group began coverage on Vivid Seats in a report on Wednesday, April 17th. They issued a “buy” rating and a $7.00 price target for the company. Finally, Benchmark restated a “buy” rating and issued a $15.00 price target on shares of Vivid Seats in a report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.94.

About Vivid Seats

Vivid Seats Inc operates an online ticket marketplace in the United States, Canada, and Japan. The company operates in two segments, Marketplace and Resale. The Marketplace segment acts as an intermediary between event ticket buyers and sellers; processes ticket sales on its website and mobile applications through its distribution partners; and sells tickets for sports, concerts, theater events, and other live events.