5 Stocks to Buy According to Cyrus De Weck’s Portsea Asset Management

2. Eventbrite, Inc. (NYSE:EB)

Portsea Asset Management Stake Value: $35,175,000
Percentage of Portsea Asset Management’s 13F Portfolio: 19.3%
Number of Hedge Fund Holders: 25

Eventbrite, Inc. (NYSE:EB) recently reported earnings for the third quarter, posting earnings per share of -$0.22, beating market predictions by $0.12. The revenue over the period was $46.31 million, up 451.3% year-on-year. Eventbrite is a self-service ticketing and experience technology platform that caters to event organizers in the United States and throughout the world. The company’s paid ticket volume has increased by 57% since the first quarter of 2021, owing to a return of in-person events.

At the end of the second quarter of 2021, 25 hedge funds in the database of Insider Monkey held stakes worth $298.64 million in Eventbrite, Inc. (NYSE:EB), up from 24 in the previous quarter worth $351.56 million. The hedge fund managed by Cyrus De Weck owns more than 1.85 million shares in Eventbrite, Inc. (NYSE:EB), worth $35.18 million, representing close to 19.3% of their portfolio. In addition, Portsea Asset Management has increased its stake in the firm by 14% in the second quarter of 2021.

Artisan Partners, in its second-quarter 2021 investor letter, mentioned Eventbrite, Inc. (NYSE:EB). Here is what the fund said:

“Eventbrite is the largest software and ticketing platform helping event creators plan, promote and produce live events in small-and-mid markets. The company generates revenue by charging a per-ticket fee on paid tickets and has a strong foothold in the small-and-mid markets—nearly 20X the size of the next largest competitor. We believe Eventbrite is well-positioned to benefit from a sharp increase in demand for live events amid the broader re-opening of the US economy—a dynamic it has already witnessed in Australia with live events bouncing back to approximately 90% of 2019 levels. We expect this to be amplified by significant cost cuts made during the pandemic (>30% of 2019 revenue) remaining in place. Longer term, we believe Eventbrite should benefit from the secular trend toward consumer experiences, an industry growing over 8% per year prior to the pandemic.”