Eldridge Industries, LLC, a more than 10% owner of Vivid Seats (NASDAQ:SEAT), recently bought the company’s shares worth $24.4 million. The company allows fans to buy or resell tickets to their favorite sports, concerts, and theatrical events.
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As per the SEC filing, the firm bought 2.5 million shares of the company at a weighted average price of $9.77 per share on April 19. Following the latest purchase, the total value of SEAT shares in its portfolio now stands at $393.5 million.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Vivid Seats Stock a Buy?
The company stated in its fourth-quarter 2022 earnings call that it anticipates revenue for the full year 2023 to be between $580 million and $610 million, which is flat with the $600.3 million reported for the previous year. This reflects that the company is not so optimistic about its growth this year. Nevertheless, the reopening trend is helping the large and growing market for digital ticketing.
Overall, SEAT stock has a Moderate Buy consensus rating on TipRanks. This is based on four Buy and three Sell recommendations. The average price target of $11 implies 51.7% upside potential.
Supporting the insiders’ stance, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 150.5K shares of SEAT. Overall, SEAT scores a Smart Score of eight on TipRanks, pointing to its potential to outperform.
