Vivid Seats (NASDAQ:SEAT) Price Target Lowered to $7.00 at Royal Bank of Canada

Vivid Seats (NASDAQ:SEAT) had its price target cut by equities researchers at Royal Bank of Canada from $8.00 to $7.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 82.29% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Benchmark reissued a “buy” rating and issued a $15.00 price objective on shares of Vivid Seats in a research report on Tuesday, July 30th. Maxim Group boosted their price objective on Vivid Seats from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Canaccord Genuity Group cut their price objective on Vivid Seats from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. DA Davidson reissued a “buy” rating and issued a $7.00 price objective on shares of Vivid Seats in a research report on Friday, June 21st. Finally, Piper Sandler dropped their price target on Vivid Seats from $7.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Vivid Seats presently has an average rating of “Moderate Buy” and a consensus price target of $9.30.

Vivid Seats Stock Down 10.5 %

Shares of NASDAQ:SEAT traded down $0.45 during mid-day trading on Wednesday, hitting $3.84. 1,850,036 shares of the company traded hands, compared to its average volume of 1,440,136. The stock has a market cap of $797.38 million, a P/E ratio of 8.40, a P/E/G ratio of 2.84 and a beta of 1.23. The company has a current ratio of 0.57, a quick ratio of 0.51 and a debt-to-equity ratio of 1.89. Vivid Seats has a 12-month low of $3.83 and a 12-month high of $8.80. The stock has a 50-day moving average price of $5.21 and a two-hundred day moving average price of $5.52.

Vivid Seats (NASDAQ:SEAT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.08). The company had revenue of $198.32 million for the quarter, compared to analysts’ expectations of $194.68 million. Vivid Seats had a net margin of 9.21% and a negative return on equity of 170.34%. During the same period in the previous year, the firm earned $0.20 EPS. On average, equities research analysts forecast that Vivid Seats will post 0.26 earnings per share for the current year.

Institutional Investors Weigh In On Vivid Seats

Institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust boosted its holdings in Vivid Seats by 84.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 4,557 shares of the company’s stock valued at $29,000 after acquiring an additional 2,090 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in Vivid Seats by 301.6% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,449 shares of the company’s stock valued at $45,000 after acquiring an additional 5,594 shares during the period. Principal Financial Group Inc. purchased a new stake in Vivid Seats during the 2nd quarter valued at about $61,000. SG Americas Securities LLC purchased a new stake in Vivid Seats during the 4th quarter valued at about $65,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Vivid Seats by 417.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,308 shares of the company’s stock worth $71,000 after buying an additional 9,121 shares during the period. 39.92% of the stock is currently owned by hedge funds and other 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.