10 Best Emerging Tech Stocks to Buy Now

4. Eventbrite Inc. (NYSE:EB)

Market Capitalization as of September 11: $292.14 million

Number of Hedge Fund Holders: 25

Eventbrite Inc. (NYSE:EB) is an online ticketing platform that allows users to browse, create, and promote local events. It’s a tool for event organizers to sell tickets, track registrations, and communicate with attendees for events like concerts, conferences, festivals, and workshops.

In Q2 2024, the company recorded a total free and paid ticket volume of 66.8 million tickets across 1.4 million events. The resultant net revenue was $84.55 million, up 7.15% year-over-year. Marketplace-related revenue from organizer fees and Eventbrite Ads contributed ~13% to the total revenue.

The company has updated its 2024 outlook for the latter part of this year due to lower-than-anticipated paid ticket volume and planned changes to pricing and packaging plans for creators, which impacted creator acquisition and retention. The full-year revenue estimate is now between $318 million to $325 million.

Recently, Eventbrite Inc. (NYSE:EB) eliminated about 100 positions and is taking other steps to reduce costs. This will save it $30 million per year, although there is an estimated $7 million spending on severance and other related costs in Q3.

As of June 30, 25 hedge funds were long in the company, of which the highest stake amounted to $31,204,602 by Deepcurrents Investment Group. The total shares held by all the hedge funds are 31,808,000.

On August 21, the company announced that it would repurchase $120 million of its existing 5% Convertible Senior Notes due 2025, to reduce the outstanding principal amount of these notes to $30 million. Based on such steps, the company demonstrates strong growth and financial performance, all of which improve investor sentiments, and make it a top emerging stock.