Vivid Seats' (SEAT) Hold Rating Reaffirmed at Canaccord Genuity Group

Key Points

• Vivid Seats' hold rating was reaffirmed by Canaccord Genuity Group, with a significantly reduced price target of $23.00 down from $80.00.
• Other analysts have also adjusted their ratings and price targets, with recommendations ranging from a sell rating to a buy, and an average price target now sitting at $70.18.
• The company's stock performance shows a twelve month low of $0.98 and a high of $5.00, with recent earnings revealing a revenue of $143.57 million, which missed analyst estimates.

Vivid Seats (NASDAQ:SEAT - Get Free Report)'s stock had its "hold" rating reissued by analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $23.00 price objective on the stock, down from their previous price objective of $80.00.

Other research analysts also recently issued research reports about the stock. Craig Hallum set a $2.00 target price on shares of Vivid Seats in a report on Tuesday. Benchmark dropped their price objective on shares of Vivid Seats from $120.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. William Blair downgraded shares of Vivid Seats from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 6th. Royal Bank Of Canada dropped their price objective on shares of Vivid Seats from $80.00 to $40.00 and set a "sector perform" rating for the company in a report on Wednesday, May 7th. Finally, Maxim Group dropped their price objective on shares of Vivid Seats from $100.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $70.18.

Vivid Seats Price Performance

Shares of NASDAQ SEAT opened at $1.02 on Wednesday. Vivid Seats has a twelve month low of $0.98 and a twelve month high of $5.00. The company has a 50 day moving average of $1.72 and a 200 day moving average of $2.70. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.70 and a current ratio of 0.77.

Vivid Seats (NASDAQ:SEAT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.32. The business had revenue of $143.57 million during the quarter, compared to analyst estimates of $154.31 million. Vivid Seats had a negative net margin of 0.35% and a negative return on equity of 2.17%. As a group, equities research analysts predict that Vivid Seats will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at Vivid Seats

In other news, General Counsel Emily T. Epstein sold 723 shares of Vivid Seats stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $39.80, for a total transaction of $28,775.40. Following the completion of the sale, the general counsel owned 7,559 shares of the company's stock, valued at approximately $300,848.20. The trade was a 8.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 89.16% of the company's stock.

Hedge Funds Weigh In On Vivid Seats

A number of large investors have recently bought and sold shares of SEAT. American Century Companies Inc. raised its stake in Vivid Seats by 9.6% in the fourth quarter. American Century Companies Inc. now owns 96,396 shares of the company's stock worth $446,000 after buying an additional 8,450 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Vivid Seats in the fourth quarter worth approximately $57,000. Vanguard Group Inc. raised its stake in Vivid Seats by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 4,897,627 shares of the company's stock worth $22,676,000 after buying an additional 22,285 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Vivid Seats by 6.9% in the fourth quarter. JPMorgan Chase & Co. now owns 892,323 shares of the company's stock worth $4,131,000 after buying an additional 57,513 shares in the last quarter. Finally, Pictet Asset Management Holding SA bought a new position in Vivid Seats in the fourth quarter worth approximately $55,000. Institutional investors own 39.92% of the company's stock.

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.

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