Canaccord Genuity Group Cuts Vivid Seats (NASDAQ:SEAT) Price Target to $5.00

Vivid Seats (NASDAQ:SEAT) had its price objective lowered by equities researchers at Canaccord Genuity Group from $6.00 to $5.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 75.13% from the stock’s current price.

A number of other research analysts also recently issued reports on SEAT. Bank of America reissued an “underperform” rating and set a $2.60 price objective (down from $6.25) on shares of Vivid Seats in a research report on Thursday. Benchmark lowered their target price on shares of Vivid Seats from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $5.86.

Vivid Seats Price Performance

Shares of NASDAQ SEAT traded down $0.05 during trading hours on Thursday, hitting $2.86. The company’s stock had a trading volume of 2,392,857 shares, compared to its average volume of 1,307,569. Vivid Seats has a 12 month low of $2.52 and a 12 month high of $6.09. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.17. The business has a 50-day simple moving average of $4.36 and a 200-day simple moving average of $4.04.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SEAT. Victory Capital Management Inc. raised its position in shares of Vivid Seats by 120.8% during the third quarter. Victory Capital Management Inc. now owns 95,242 shares of the company’s stock valued at $352,000 after buying an additional 52,111 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in Vivid Seats during the third quarter valued at $37,000. Intech Investment Management LLC bought a new stake in Vivid Seats in the 3rd quarter valued at $87,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Vivid Seats by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,496,163 shares of the company’s stock valued at $16,636,000 after purchasing an additional 125,035 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Vivid Seats by 35.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 735,894 shares of the company’s stock valued at $2,723,000 after purchasing an additional 194,561 shares in the last quarter. 39.92% of the stock is owned by hedge funds and other institutional investors.

Vivid Seats Company Profile

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.