Eventbrite (NYSE:EB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, 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 have also recently issued reports on EB. SunTrust Banks cut their price objective on shares of Eventbrite to $28.00 and set a “hold” rating on the stock in a research report on Friday, March 8th. Royal Bank of Canada cut their price objective on shares of Eventbrite and set an “outperform” rating on the stock in a research report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Eventbrite presently has a consensus rating of “Hold” and a consensus target price of $31.40.

Shares of EB stock traded down $0.22 on Monday, reaching $21.68. 574,204 shares of the company were exchanged, compared to its average volume of 584,329. The stock has a market capitalization of $1.68 billion and a PE ratio of -14.95. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.77 and a quick ratio of 1.77. Eventbrite has a one year low of $19.04 and a one year high of $40.25.

Eventbrite (NYSE:EB) last released its quarterly earnings data on Thursday, March 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.04). The firm had revenue of $75.92 million for the quarter, compared to the consensus estimate of $72.90 million. On average, analysts anticipate that Eventbrite will post -0.24 earnings per share for the current fiscal year.

In related news, major shareholder Growth Capital Fund I, L.P. sold 685,027 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $20.84, for a total value of $14,275,962.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Andrew Dreskin sold 60,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.86, for a total transaction of $1,251,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 794,399 shares of company stock worth $16,561,906.

A number of hedge funds and other institutional investors have recently made changes to their positions in EB. Pendal Group Ltd lifted its position in Eventbrite by 86.7% in the 4th quarter. Pendal Group Ltd now owns 9,283 shares of the company’s stock valued at $258,000 after acquiring an additional 4,312 shares in the last quarter. Financial Advocates Investment Management lifted its position in Eventbrite by 701.9% in the 4th quarter. Financial Advocates Investment Management now owns 3,400 shares of the company’s stock valued at $297,000 after acquiring an additional 2,976 shares in the last quarter. Putnam Investments LLC bought a new position in Eventbrite in the 3rd quarter valued at about $473,000. Sit Investment Associates Inc. lifted its position in Eventbrite by 233.2% in the 4th quarter. Sit Investment Associates Inc. now owns 18,075 shares of the company’s stock valued at $503,000 after acquiring an additional 12,650 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Eventbrite in the 3rd quarter valued at about $507,000. 33.88% of the stock is currently owned by institutional investors and hedge funds.

About Eventbrite

Eventbrite, Inc operates as a technology platform worldwide. 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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