Vivid Seats (NASDAQ:SEAT) Rating Lowered to "Neutral" at Citigroup

Key Points

• Citigroup has downgraded Vivid Seats from a "buy" rating to a "neutral" rating, setting a price target of $13.00.
• A majority of analysts currently rate Vivid Seats as a "Hold", with two analysts giving it a "Buy" rating and two a "Sell" rating.
• The stock's current price is significantly lower than its 1-year high of $100.00, reflecting recent market challenges.

Vivid Seats (NASDAQ:SEAT - Get Free Report) was downgraded by stock analysts at Citigroup from a "buy" rating to a "neutral" rating in a research note issued on Thursday, Marketbeat.com reports. They currently have a $13.00 price target on the stock. Citigroup's price target points to a potential upside of 0.08% from the company's current price.

A number of other research analysts have also recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Vivid Seats in a research note on Wednesday, October 8th. Benchmark raised their target price on Vivid Seats to $26.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Craig Hallum set a $2.00 price objective on Vivid Seats in a research report on Tuesday, August 5th. Finally, Canaccord Genuity Group restated a "hold" rating and set a $23.00 price objective (down from $80.00) on shares of Vivid Seats in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $45.10.

Vivid Seats Stock Performance

Shares of Vivid Seats stock opened at $12.99 on Thursday. The company has a 50 day moving average of $15.42 and a 200-day moving average of $30.53. Vivid Seats has a 1-year low of $10.55 and a 1-year high of $100.00. The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 1.77.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SEAT. Rangeley Capital LLC acquired a new position in Vivid Seats in the 2nd quarter worth about $42,000. Ameriprise Financial Inc. grew its holdings in shares of Vivid Seats by 10.7% during the second quarter. Ameriprise Financial Inc. now owns 2,222,751 shares of the company's stock worth $3,756,000 after purchasing an additional 215,057 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Vivid Seats during the second quarter worth about $35,000. Caption Management LLC grew its holdings in shares of Vivid Seats by 1,470.9% during the second quarter. Caption Management LLC now owns 250,472 shares of the company's stock worth $423,000 after purchasing an additional 234,528 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in Vivid Seats during the 2nd quarter worth approximately $32,000. 39.92% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.