Zacks Investment Research upgraded shares of Party City Holdco Inc. (NYSE:PRTY) from a hold rating to a buy rating in a research report released on Friday. Zacks Investment Research currently has $16.00 price objective on the specialty retailer’s stock.
According to Zacks, “Party City Holdco Inc. is involved in designs, manufactures, contracts for manufacture and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery. It also operates specialty retail party supply stores primarily in the United States and Canada. Party City Holdco Inc. is based in Elmsford, New York. “
PRTY has been the topic of several other research reports. BidaskClub cut shares of Party City Holdco from a hold rating to a sell rating in a research note on Saturday, June 17th. ValuEngine cut shares of Party City Holdco from a buy rating to a hold rating in a research note on Tuesday, July 25th. Finally, BMO Capital Markets set a $16.00 target price on shares of Party City Holdco and gave the company a hold rating in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $17.00.
Shares of Party City Holdco (NYSE PRTY) opened at 13.55 on Friday. Party City Holdco has a 12-month low of $12.65 and a 12-month high of $18.33. The company’s 50-day moving average is $14.12 and its 200-day moving average is $14.82. The stock has a market cap of $1.62 billion, a P/E ratio of 14.00 and a beta of 2.69.
Party City Holdco (NYSE:PRTY) last announced its quarterly earnings results on Wednesday, August 2nd. The specialty retailer reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. The company had revenue of $544.90 million for the quarter, compared to analysts’ expectations of $545.59 million. Party City Holdco had a net margin of 4.97% and a return on equity of 13.97%. Party City Holdco’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. On average, equities research analysts anticipate that Party City Holdco will post $1.28 earnings per share for the current year.
In other Party City Holdco news, Director Gerald C. Rittenberg sold 70,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $14.68, for a total transaction of $1,027,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James M. Harrison bought 65,000 shares of the stock in a transaction on Friday, August 4th. The shares were bought at an average price of $14.50 per share, for a total transaction of $942,500.00. Following the purchase, the chief executive officer now directly owns 969 shares in the company, valued at approximately $14,050.50. The disclosure for this purchase can be found here. 5.02% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc increased its position in shares of Party City Holdco by 14.0% during the 1st quarter. Legal & General Group Plc now owns 7,190 shares of the specialty retailer’s stock valued at $101,000 after purchasing an additional 881 shares during the last quarter. Parallax Volatility Advisers L.P. purchased a new stake in shares of Party City Holdco during the 2nd quarter valued at about $127,000. Tudor Investment Corp ET AL purchased a new stake in shares of Party City Holdco during the 1st quarter valued at about $170,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Party City Holdco during the 1st quarter valued at about $171,000. Finally, Pacad Investment Ltd. increased its position in shares of Party City Holdco by 6.1% during the 2nd quarter. Pacad Investment Ltd. now owns 12,100 shares of the specialty retailer’s stock valued at $189,000 after purchasing an additional 700 shares during the last quarter.
Party City Holdco Company Profile
Party City Holdco Inc is a holding company with no operating assets or operations. As of December 31, 2016, the Company owned PC Nextco Holdings, LLC (PC Nextco), which owned PC Intermediate Holdings, Inc (PC Intermediate). As of December 31, 2016, PC Intermediate owned Party City Holdings Inc (PCHI).
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