Eventbrite’s share price dipped below $20 this past week – hitting a record low since its flotation last year.
The event management and ticketing company was trading at just $19.06 at the end of last week after crashing following a profits warning at the start of the month.
Eventbrite acquired music ticketing platform Ticketfly from Pandora. Ongoing migration challenges are reported to be impacting operations as Eventbrite looks to move former Ticketfly clients onto its new ‘live music’ specialist platform.
Ticketfly founder Andrew Dreskin, who is now Eventbrite’s head of music, was among those selling shares in Eventbrite, which issued first-quarter revenue outlook almost 10 per cent below Wall Street projections in early March.
Dreskin sold 150,000 shares of stock in Eventbrite for a total of $3.1 million, according to documents filed with the SEC.
Eventbrite was traded at $23 when it was floated on the New York Stock Exchange in mid-September 2018 and hit a high of just over $37 before the end of its debut month.
Its share price settled at around $31 for much of the following six months until March 7 when it fell from $32.42 to $24.46 the following day.
Its current share price is 49 per cent below its high of $37.97 on September 28.
Eventbrite’s Q1 revenues came in at around the $80m (£61.2m/€71.2m) mark – significantly below the $91m that analysts had forecast.
The San Francisco-based company experienced net loss of $13m (17 cents per share), which is a decrease of 36 per cent of the same period last year.