Eventbrite Inc. (NYSE: EB) – Not A Clear Buying Opportunity?


    Cadian Capital Management LP has recently announced that it has increased stake in Eventbrite Inc. (NYSE:EB) by 47.41%. After grabbing 5.72 million shares, the institutional investor is now in possession of 1.84 million shares of the Technology Company. The new investment brought the stake of investor firm to 9.00% having worth around $48.72 million. Moreover, The Vanguard Group, Inc. increased its share by 0.68 million to have a control over 5.54 million shares. And BlackRock Fund Advisors raised its holdings to 1.19 million shares by acquiring 3.45 million shares or 5.43% of the stake.

    Eventbrite Inc. (EB) concluded trading on 08/27/20 at a closing price of $10.49, with 1.03 million shares of worth about $10.77 million changed hands on the day. Weekly performance of the stock remained negative as price took a plunge of -0.19% during that period and on Thursday the price saw a gain of about 4.38%. Currently the company’s common shares owned by public are about 88.41M shares, out of which, 66.19M shares are available for trading.

    A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the EB stock and their offered price forecasts bring an average price target of $11.00. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $12.00 and could fall to a lowest price of $10.00. Analysts also issued an outlook of 2.50 for the Eventbrite Inc. stock for next 12 months. The stock’s current price level is 6.76% above of average price target set by the analysts, while a rise to estimated low would result in loss of -4.9 for the stock. However, touching the estimated high of $12.00 would mean a gain of 12.58% for the stock.

    According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 65 times over the past 12 months. They bought 258,234 shares in 45 of the transactions. In 20 selling transactions, insiders dumped 78,387 shares.

    Nikko Asset Global Fintech Equity, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Eventbrite Inc. Nikko Asset Global Fintech Equity is currently holding 2.63 million shares of worth totaling $22.37 million. The company recently came buying 2.63 million shares which brought its stake up to 4.13% of the company’s outstanding shares. Vanguard Total Stock Market Index sold 54448.0 shares, after which its hold over company’s outstanding shares shrunk to 2.85%, leaving 1.81 million shares with the mutual fund that have a worth of about $15.42 million. Vanguard Small Cap Index Fund, after selling 1.58 million shares, have now control over 2.49% of the stake in the company. It holds 9380.0 shares of worth $13.49 million.

    Eventbrite Inc. (NYSE: EB) started trading at $10.11, above $0.06 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $10.49, or with a gain of 4.38%. Stock saw a price change of -0.19% in past 5 days and over the past one month there was a price change of 22.55%. Year-to-date (YTD), EB shares are showing a performance of -47.99% which decreased to -41.75% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $5.71 but also hit the highest price of $22.90 during that period. While comparing its average daily trading volume of 1.75 million shares, we see that about 1.03 million changed hands on the day. The stock is currently trading 9.91% above its 20-day simple moving average (SMA20), while that difference is up 15.79% for SMA50 and it goes to -21.53% lower than SMA200.

    Cadian Capital Management LP acquired 5.72 million shares of Eventbrite Inc. having value of about $48.72 million. Data submitted at the U.S SEC by Cadian Capital Management LP revealed that the firm now holds 1.84 million shares in the company valued at close to $19293071.63, or have control over 47.41% stake in the company. Eventbrite Inc. (NYSE: EB) currently have 88.41M outstanding shares and institutions hold larger chunk of about 90.30% of that. Holding of mutual funds in the company is about 36.40% while other institutional holders and individual stake holders have control over 50.49% and 0.57% of the stake respectively.

    The stock has a current market capitalization of $1.01B. It has posted earnings per share of -$2.67 in the same period. It has Quick Ratio of 1.90 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for EB, volatility over the week remained 5.01% while standing at 5.46% over the month.

    Analysts are in expectations that Eventbrite Inc. (EB) stock would likely to be making an EPS of -$0.43 in the current quarter, while forecast for next quarter ESPS is -$0.29 and it is -$0.66 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.49 which is -$0.38 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.36 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 50.90% while it is estimated to increase by 76.50% in next year.

    Analysts at 6 brokerage firms have issued recommendations for the Eventbrite Inc. (EB)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.50. Out of those 6 Wall Street analysts, 2 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

    Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by SunTrust on May 18, 2020 offering a Buy rating for the stock and assigned a target price of $12 to it. Coverage by RBC Capital Mkts stated Eventbrite Inc. (EB) stock as a Sector perform in their note to investors on February 28, 2020, suggesting a price target of $17 for the stock. On June 17, 2019, William Blair Initiated their recommendations, while on December 20, 2018, Stifel Downgrade their ratings for the stock with a price target of. Stock get a Hold rating from SunTrust on October 15, 2018.


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