Edward Pickus, the Chief Accounting Officer of Vivid Seats Inc. (NASDAQ:SEAT), recently sold a portion of his holdings in the company. According to an SEC filing, Pickus sold 746 shares of Class A Common Stock on December 12 at an average price of $3.44 per share, amounting to a total transaction value of $2,566. This transaction comes as the stock has experienced significant pressure, with InvestingPro data showing a decline of over 50% in the past year, currently trading at $3.49.
The sale was conducted under a mandatory "sell to cover" provision to satisfy tax obligations related to the vesting of Restricted Stock Units (RSUs). This transaction followed a series of acquisitions on December 11, where Pickus acquired a total of 6,505 shares through the vesting of RSUs, although these acquisitions were not direct purchases as they were part of the compensation package and involved no cash outlay.
After these transactions, Pickus holds 50,308 shares of Vivid Seats.
In other recent news, Vivid Seats, a marketplace for ticket sales for live sports, concerts, and theater events, has had some noteworthy developments. The company reported revenues of $187 million for the third quarter of 2024, with a 13% year-over-year decline in marketplace gross order value (GOV). Despite these challenges, the company maintained an 18% adjusted EBITDA margin and expressed optimism for future growth.
DA Davidson reduced Vivid Seats' price target to $5.00 from $5.50, while still recommending a Buy rating for the stock. The firm's analyst cited a conservative approach to the company's fourth quarter 2024 and first half 2025 projections, noting a lack of new large venue tour, show, and event announcements for the calendar year 2025.
RBC Capital Markets also adjusted its outlook on Vivid Seats, decreasing the price target to $6.00 from the previous $7.00, while maintaining a Sector Perform rating. The analyst noted that Vivid Seats is navigating through two significant challenges: a limited supply of concerts and irrational competition.
These recent developments also highlight a strategic partnership with Brandon Marshall's media platform and the launch of the SkyBox Drive pricing tool. For 2024, Vivid Seats anticipates GOV between $3.8 billion and $4.0 billion and adjusted EBITDA of $145 million to $155 million. The company's management is focused on long-term growth and flexibility in changing market conditions, foreseeing a return to growth in 2025. Vivid Seats is also planning international expansion by the end of the year and cross-selling through Vegas.com.
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