Vivid Seats (NASDAQ:SEAT) Cut to “Neutral” at Citigroup

Citigroup cut shares of Vivid Seats (NASDAQ:SEAT) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. The firm currently has $13.00 target price on the stock, down from their prior target price of $32.00.

Several other equities analysts have also commented on the stock. Canaccord Genuity Group reiterated a “hold” rating and issued a $23.00 price target (down from $80.00) on shares of Vivid Seats in a research note on Wednesday, August 6th. Craig Hallum set a $2.00 price target on shares of Vivid Seats in a research note on Tuesday, August 5th. Benchmark increased their price target on shares of Vivid Seats to $26.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Vivid Seats in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Vivid Seats currently has a consensus rating of “Hold” and a consensus target price of $45.10.

Vivid Seats Price Performance

Shares of Vivid Seats stock opened at $13.33 on Thursday. Vivid Seats has a 52 week low of $10.55 and a 52 week high of $100.00. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 1.77. The firm’s 50 day moving average is $15.25 and its two-hundred day moving average is $29.90.

Hedge Funds Weigh In On Vivid Seats

A number of hedge funds have recently modified their holdings of SEAT. Boston Partners grew its position in shares of Vivid Seats by 152.9% during the first quarter. Boston Partners now owns 4,461,831 shares of the company’s stock worth $13,202,000 after acquiring an additional 2,697,796 shares during the last quarter. Emeth Value Capital LLC grew its position in shares of Vivid Seats by 27.4% during the second quarter. Emeth Value Capital LLC now owns 7,642,042 shares of the company’s stock worth $12,915,000 after acquiring an additional 1,644,188 shares during the last quarter. Anson Funds Management LP grew its position in shares of Vivid Seats by 88.2% during the first quarter. Anson Funds Management LP now owns 1,173,828 shares of the company’s stock worth $3,475,000 after acquiring an additional 550,000 shares during the last quarter. Clearline Capital LP grew its position in shares of Vivid Seats by 34.9% during the first quarter. Clearline Capital LP now owns 986,937 shares of the company’s stock worth $2,921,000 after acquiring an additional 255,337 shares during the last quarter. Finally, Caption Management LLC grew its position in shares of Vivid Seats by 1,470.9% during the second quarter. Caption Management LLC now owns 250,472 shares of the company’s stock worth $423,000 after acquiring an additional 234,528 shares during the last quarter. 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.