Recent SEC filings reveal that exiting Eventbrite president Andrew Dreskin is dumping more than $2 million in Eventbrite stock.
Eventbrite announced its quarterly earnings data on May 1st, missing analyst expectations by $0.05. Revenues were $81.30 million during the quarter, missing analyst expectations of $82.97 million.
Despite that miss, Eventbrite’s revenue was up 9.1% on a year-over-year basis. But that didn’t seem to matter, as Wall Street punished the stock.
Now, it’s time for the other foot to drop. Earlier this week, word leaked that Dreskin was leaving Eventbrite. But Dreskin first started unloading Eventbrite stock back in March, before it was announced he would be leaving his post.
Dreskin co-founded Ticketweb and Ticketfly and served as president of Eventbrite for two years after Ticketfly was acquired.
Andrew Dreskin Eventbrite Stock Dump Timeline
- March 21 – Dreskin sold 60,000 shares at an average price of $20.86 for a total value of $1,251,600.
- April 22 – Dreskin sold 25,000 shares at an average price of $21.51 for a total value of $537,750.
- April 25 – Dreskin sold 5,000 shares at an average price of $23 for a total value of $115,000.
- May 3 – Dreskin sold 5,000 shares at an average price of $18.00 for a total value of $90,000.
- May 16 – Dreskin sold 5,000 shares at an average price of $18.00 for a total value of $90,000.
Based on these SEC filings, we know that Dreskin has dropped $2,084,350 in Eventbrite stock over the last three months.
The move isn’t entirely surprising, considering that many analysts have issued reports that cut Eventbrite from a “hold” to a “sell” for investors. But anytime a high-ranking exec is offloading shares of his own company, red flags are immediately raised.
Eventbrite’s stock currently has a consensus rating of “hold” and an average target price of $27.40.
Dreskin will continue to act as a consultant for Eventbrite as part of a new multi-year advisory agreement. However, he is not seeking re-election to the board of directors. In an interview with Billboard, Dreskin said now felt like the right time for him to “transition into a different role.”