Mark Streams, executive vice chairman and chief legal officer of StubHub Holdings Inc., sold approximately $1.13 million worth of Class A common stock in three separate transactions late last month.
On August 21, Streams disposed of 6,500 shares at $6.93 each, reducing his direct beneficial ownership to 1,554,222 shares. Two days later, he sold 150,000 shares at a weighted average price of $6.7646, with individual prices ranging from $6.75 to $6.795. A third transaction on August 25 involved the sale of 10,176 shares at an average price of $6.8446, further reducing his stake to 1,394,046 shares.
StubHub’s stock, currently trading at $6.81, has declined nearly 70% over the past year and 50% year-to-date, though it remains above its 52-week low of $5.74. The company reported gross merchandise sales of $3.1 billion in the second quarter, a 34% year-over-year increase and above the Street estimate of $2.5 billion. Revenue for the quarter totaled $573 million, with adjusted EBITDA of $106 million.
Analysts have adjusted their price targets following the earnings report. TD Cowen lowered its target to $12, while Mizuho and Guggenheim each reduced theirs to $11. Evercore ISI cut its target to $14. BofA Securities downgraded StubHub to Underperform with a target of $7.50, citing anticipated volume pressures and regulatory uncertainties.
