In his third substantial investing move this month, Steven Cohen (Trades, Portfolio) boosted his holding of Eventbrite Inc. EB by 339.12%.
The Point72 Asset Management founder purchased 552,091 shares of the company, bringing his position to 714,891 shares, good for a 6.2% stake. Shares of the global ticketing and event technology platform traded around $20.76 on Tuesday, the date of Cohen’s buy, after plunging around 25% year to date.
The company’s stock dropped on March 7 after it released fourth-quarter earnings results below analysts’ expectations. While revenue grew 21% to $75.9 million versus analysts’ forecasts of $73.2 million, it reported a net loss of $13 million, or 17 cents per share. Analysts looked for a loss per share of 13 cents.
Guidance also fell short of analysts forecasts. Eventbrite announced that it is projecting sales for the first quarter of 2019 within a range of $80 million to $84 million, while analysts predicted sales of $91.3 million.
Cohen’s firm started a position in Eventbrite in the third quarter of 2018 when the price averaged $36. In the fourth quarter, it added to the position as the price averaged $29.
Eventbrite has a price-book ratio near a one-year low at 4.26 and price-sales ratio near a one-year low at 4.74.
The holding represents a small fraction of the hedge fund’s vast long portfolio of 922 stocks valued around $20.48 billion at the end of 2018.
Earlier this month, the Point72 also cut its stake in Build-a-Bear BBW by 68.7% and established a position in Aptevo Therapeutics APVO.
See Steven Cohen (Trades, Portfolio)’s portfolio here.
