Eventbrite (NYSE:EB) Rating Lowered to Sell at Zacks Investment Research

Eventbrite (NYSE:EB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, 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. “

A number of other equities analysts also recently issued reports on EB. SunTrust Banks restated a “buy” rating and set a $12.00 price objective on shares of Eventbrite in a research report on Friday, June 5th. ValuEngine upgraded Eventbrite from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, Royal Bank of Canada restated a “hold” rating and set a $10.00 price objective on shares of Eventbrite in a research report on Wednesday, May 13th. One analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $11.95.

Eventbrite stock opened at $8.52 on Friday. Eventbrite has a 12 month low of $5.71 and a 12 month high of $22.90. The stock has a 50-day moving average price of $8.91 and a two-hundred day moving average price of $11.93.

Eventbrite (NYSE:EB) last posted its earnings results on Monday, May 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.29) by ($1.42). The firm had revenue of $49.10 million during the quarter, compared to the consensus estimate of $71.78 million. Eventbrite had a negative net margin of 69.71% and a negative return on equity of 51.80%. Eventbrite’s revenue for the quarter was down 39.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.13) earnings per share. On average, research analysts anticipate that Eventbrite will post -2.64 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC acquired a new stake in Eventbrite during the first quarter worth approximately $27,000. Tower Research Capital LLC TRC grew its stake in Eventbrite by 1,826.7% during the first quarter. Tower Research Capital LLC TRC now owns 3,969 shares of the company’s stock worth $29,000 after purchasing an additional 3,763 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Eventbrite by 106.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,697 shares of the company’s stock worth $42,000 after purchasing an additional 2,940 shares during the period. CSat Investment Advisory L.P. grew its stake in Eventbrite by 19.0% during the first quarter. CSat Investment Advisory L.P. now owns 9,388 shares of the company’s stock worth $69,000 after purchasing an additional 1,496 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Eventbrite by 49.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,521 shares of the company’s stock worth $73,000 after purchasing an additional 2,824 shares during the period. 53.66% of the stock is 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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