KeyCorp Lowers Eventbrite (NYSE:EB) Price Target to $6.00

Eventbrite (NYSE:EB) had its price target reduced by stock analysts at KeyCorp from $13.00 to $6.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 11.52% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Morgan Stanley cut their price objective on shares of Eventbrite from $11.00 to $9.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 28th. Piper Sandler cut their price target on Eventbrite from $13.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Finally, Truist Financial reduced their price target on Eventbrite from $17.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.29.

Eventbrite Price Performance

Shares of NYSE:EB opened at $5.38 on Tuesday. Eventbrite has a one year low of $5.00 and a one year high of $11.90. The stock has a market cap of $548.06 million, a PE ratio of -19.93 and a beta of 2.51. The business’s fifty day moving average price is $5.80 and its two-hundred day moving average price is $7.23. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.99 and a current ratio of 1.99.

Eventbrite (NYSE:EB) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.04. Eventbrite had a negative return on equity of 14.87% and a negative net margin of 8.12%. The business had revenue of $87.76 million for the quarter, compared to analyst estimates of $88.45 million. On average, analysts forecast that Eventbrite will post -0.12 EPS for the current fiscal year.

Insider Activity

In related news, CFO Charles Baker sold 20,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $5.52, for a total value of $110,400.00. Following the transaction, the chief financial officer now directly owns 357,839 shares of the company’s stock, valued at approximately $1,975,271.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 17.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EB. Covestor Ltd grew its stake in Eventbrite by 217.7% during the third quarter. Covestor Ltd now owns 2,783 shares of the company’s stock worth $27,000 after buying an additional 1,907 shares during the period. Mine & Arao Wealth Creation & Management LLC. purchased a new stake in Eventbrite during the 4th quarter worth $33,000. Principal Financial Group Inc. acquired a new stake in Eventbrite in the 1st quarter valued at $58,000. Victory Capital Management Inc. purchased a new position in Eventbrite in the fourth quarter valued at about $89,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Eventbrite during the fourth quarter worth about $102,000. Hedge funds and other institutional investors own 91.64% of the company’s stock.

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.