Eventbrite Inc [NYSE: EB] gained 8.81% on the last trading session, reaching $5.56 price per share at the time. The company report on March 14, 2024 at 9:15 AM that Eventbrite Announces $100 Million Share Repurchase Program.
Eventbrite, Inc. (NYSE:EB), a global events marketplace, today announced its Board of Directors has authorized the repurchase of up to $100 million of outstanding Class A common stock. Under the program, Eventbrite may purchase shares of Class A common stock through open market purchases, block trades, privately negotiated transactions, accelerated share repurchase transactions, and/or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The volume and timing of any repurchases will be subject to general market conditions, as well as Eventbrite’s management of capital, general business conditions, other investment opportunities, and other factors. The repurchase program does not obligate Eventbrite to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the company’s discretion.
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Eventbrite currently expects to fund the repurchase program from existing cash and cash equivalents and/or future cash flows. As of December 31, 2023, Eventbrite had available liquidity of approximately $391.1 million. Eventbrite had approximately 86,206,862 shares of Class A common stock and 15,661,433 shares of Class B common stock outstanding as of February 29, 2024.
If compared to the average trading volume of 1.49M shares, EB reached a trading volume of 4142630 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Eventbrite Inc [EB]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EB shares is $10.14 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EB stock is a recommendation set at 1.71. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
B. Riley Securities have made an estimate for Eventbrite Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 08, 2023. While these analysts kept the previous recommendation, BWS Financial raised their target price to Buy. The new note on the price target was released on November 27, 2023, representing the official price target for Eventbrite Inc stock. Previously, the target price had yet another raise to $14, while KeyBanc Capital Markets analysts kept a Overweight rating on EB stock.
The Average True Range (ATR) for Eventbrite Inc is set at 0.42, with the Price to Sales ratio for EB stock in the period of the last 12 months amounting to 1.74. The Price to Book ratio for the last quarter was 2.94, with the Price to Cash per share for the same quarter was set at 6.79. Price to Free Cash Flow for EB in the course of the last twelve months was 34.24 with Quick ratio for the last quarter at 1.99.
Trading performance analysis for EB stock
Eventbrite Inc [EB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.28. With this latest performance, EB shares dropped by -34.97% in over the last four-week period, additionally sinking by -43.21% over the last 6 months – not to mention a drop of -31.86% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EB stock in for the last two-week period is set at 34.84, with the RSI for the last a single of trading hit 37.06, and the three-weeks RSI is set at 35.58 for Eventbrite Inc [EB]. The present Moving Average for the last 50 days of trading for this stock 7.56, while it was recorded at 5.31 for the last single week of trading, and 8.67 for the last 200 days.
Eventbrite Inc [EB]: A deeper dive into fundamental analysis
Eventbrite Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.99 and a Current Ratio set at 1.99.
Eventbrite Inc [EB]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Eventbrite Inc posted -0.13/share EPS, while the average EPS was predicted by analysts to be reported at -0.14/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 7.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for EB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Eventbrite Inc go to 46.40%.
An analysis of Institutional ownership at Eventbrite Inc [EB]
The top three institutional holders of EB stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in EB stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in EB stock with ownership which is approximately 5.8325%.
