Core Insights - StubHub, co-founded in 2000, has transformed into a global ticketing leader, connecting fans to live events across more than 200 countries and territories [1] - The company is shifting from a resale model to direct ticket issuance, targeting a $153 billion market opportunity [3][6] - Analysts are optimistic about StubHub's growth potential, with Goldman Sachs setting a price target of $46, indicating over 100% upside [2][17] Company Overview - StubHub Holdings operates under the StubHub and Viagogo brands, serving as the world's leading second-hand ticket marketplace [1] - The company went public on September 17, 2025, raising approximately $800 million despite a rocky start, with shares initially down 6.8% on the first day [7][8] Financial Performance - In the first half of 2025, StubHub reported gross merchandise sales of $4.38 billion, up from $3.94 billion year-over-year, while total revenue increased by 3% to $827.9 million [10] - However, net losses widened significantly, with a loss of $111.8 million in H1 2025 compared to $50.2 million the previous year [11] - Q2 2025 saw a net loss of $75.9 million, reflecting higher operational costs and a slight revenue dip of 3% year-over-year [12] Market Trends - The online event ticketing market is projected to grow from $85.4 billion in 2025 to $102.8 billion by 2030, with a compound annual growth rate (CAGR) of 3.8% [4] - The demand for seamless access to live events continues to rise, despite increasing regulatory scrutiny [4][5] Analyst Ratings - Analysts have initiated coverage on STUB stock with a consensus "Strong Buy" rating, highlighting its potential in the direct ticketing market [21] - Price targets vary, with a consensus target of $27.80 suggesting a 34% upside, while Goldman Sachs' target of $46 implies a potential rally of 122% [22] Strategic Initiatives - StubHub's expansion into direct ticket issuance is seen as a critical growth driver, with the potential to reshape how fans access live entertainment [19][24] - The company aims to leverage AI-driven insights and enhance event management to improve ticket discovery and purchasing [6]