The sale of shares was conducted as part of a mandatory "sell to cover" provision to satisfy tax withholding obligations associated with the vesting and settlement of RSUs. Discover more insights about SEAT and access the comprehensive Pro Research Report, along with 7 additional ProTips, by subscribing to InvestingPro. Discover more insights about SEAT and access the comprehensive Pro Research Report, along with 7 additional ProTips, by subscribing to InvestingPro.
The sale of shares was conducted as part of a mandatory "sell to cover" provision to satisfy tax withholding obligations associated with the vesting and settlement of RSUs. Discover more insights about SEAT and access the comprehensive Pro Research Report, along with 7 additional ProTips, by subscribing to InvestingPro.
The sale of shares was conducted as part of a mandatory "sell to cover" provision to satisfy tax withholding obligations associated with the vesting and settlement of RSUs.
In other recent news, Vivid Seats, an online ticket marketplace, has been the subject of significant attention from private equity firms, sparking discussions about a potential sale. This development comes as BofA Securities maintains its Buy rating for the company, despite its year-to-date underperformance. Similarly, Raymond (NSE:RYMD) James has upheld an Outperform rating for Vivid Seats, while DA Davidson continues to recommend a Buy rating, albeit with a reduced price target. RBC Capital Markets, however, has adjusted its outlook, decreasing its price target while maintaining a Sector Perform rating.
In terms of financial performance, Vivid Seats reported revenues of $187 million in the third quarter of 2024, along with an 18% adjusted EBITDA margin. Despite a 13% year-over-year decline in marketplace gross order value, the company remains optimistic about future growth. For 2024, Vivid Seats anticipates gross order value between $3.8 billion and $4.0 billion and adjusted EBITDA of $145 million to $155 million.
These recent developments also highlight strategic initiatives such as a partnership with Brandon Marshall's media platform and the launch of the SkyBox Drive pricing tool. The company's management is focused on long-term growth and flexibility in changing market conditions, with a planned international expansion by the end of the year and cross-selling through Vegas.com.
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