Citigroup Trims Vivid Seats (NASDAQ:SEAT) Target Price to $9.00

Vivid Seats (NASDAQ:SEAT) had its price target reduced by Citigroup from $10.00 to $9.00 in a research report sent to investors on Friday morning, Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on SEAT. Craig Hallum cut their price objective on Vivid Seats from $10.00 to $8.00 and set a buy rating on the stock in a research note on Tuesday, September 10th. Deutsche Bank Aktiengesellschaft lowered their price target on Vivid Seats from $5.50 to $4.50 and set a hold rating on the stock in a research report on Monday, August 12th. DA Davidson cut their price objective on Vivid Seats from $6.50 to $6.00 and set a buy rating for the company in a research report on Thursday, September 12th. Royal Bank of Canada decreased their target price on Vivid Seats from $8.00 to $7.00 and set a sector perform rating for the company in a research note on Wednesday, August 7th. Finally, Benchmark dropped their price target on Vivid Seats from $15.00 to $10.00 and set a buy rating on the stock in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $7.28.

Vivid Seats Price Performance

Shares of NASDAQ:SEAT opened at $3.61 on Friday. The firm has a market cap of $749.62 million, a price-to-earnings ratio of 7.60, a P/E/G ratio of 15.64 and a beta of 1.22. Vivid Seats has a 1 year low of $3.58 and a 1 year high of $8.80. The company has a current ratio of 0.79, a quick ratio of 0.73 and a debt-to-equity ratio of 2.48. The business has a fifty day simple moving average of $4.48 and a 200 day simple moving average of $5.13.

Vivid Seats (NASDAQ:SEAT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.08). The firm had revenue of $198.32 million for the quarter, compared to analysts’ expectations of $194.68 million. Vivid Seats had a return on equity of 57.44% and a net margin of 4.73%. During the same period last year, the business earned $0.20 earnings per share. As a group, sell-side analysts predict that Vivid Seats will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Vivid Seats

A number of hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. raised its stake in shares of Vivid Seats by 301.6% in the first quarter. Ameritas Investment Partners Inc. now owns 7,449 shares of the company’s stock valued at $45,000 after purchasing an additional 5,594 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of Vivid Seats in the 2nd quarter valued at $61,000. Marshall Wace LLP bought a new position in shares of Vivid Seats during the 2nd quarter worth about $67,000. Entropy Technologies LP acquired a new stake in shares of Vivid Seats during the 1st quarter valued at about $101,000. Finally, DekaBank Deutsche Girozentrale increased its stake in Vivid Seats by 259.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 20,683 shares of the company’s stock valued at $124,000 after acquiring an additional 14,927 shares during the period. 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.