An analyst’s upgrade boosted investor sentiment.
Shares of Eventbrite (NYSE:EB), an event-management and ticket company, were climbing higher today after the stock received a buy recommendation. It was up 15.8% as of 10:39 a.m. EDT on Monday.
The company’s share price shot up on Monday morning after SunTrust Robinson Humphrey upgraded the stock from hold to buy. Investors were desperate for any glimmer of positivity surrounding Evenbrite’s shares, which are down 66% over the past three months.
The company’s business has been hit hard by the economic impact of the coronavirus, as most events and in-person gatherings have been shut down worldwide.
Investors may have also been encouraged today by news of a potential coronavirus vaccine that’s being developed by Moderna. The company said that it’s had early positive results from human testing of the vaccine. The broader S&P 500 was up 2.5% on the news.
Eventbrite’s stock has been on a roller coaster lately, with the latest big change coming as recently as last Friday when shares dipped more than 12%. Today’s buy recommendation is fueling positive sentiment for the stock, but with the U.S. still a way from allowing large groups of people to gather together for events, it’s likely that Eventbrite has a long way to go before recovering from its massive share drop over the past few months.
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