Zacks Investment Research Upgrades Party City Holdco Inc. (PRTY) to Buy
Party City Holdco Inc. (NYSE:PRTY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm presently has a $16.00 target price on the specialty retailer’s stock. Zacks Investment Research‘s target price indicates a potential upside of 18.52% from the stock’s current price.
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. “
Several other analysts have also weighed in on PRTY. BidaskClub lowered Party City Holdco from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. ValuEngine lowered 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 price target on Party City Holdco and gave the company a “hold” rating in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Party City Holdco has a consensus rating of “Hold” and an average target price of $17.00.
Party City Holdco (NYSE PRTY) traded down 1.46% during trading on Friday, hitting $13.50. 317,560 shares of the stock traded hands. The stock has a market cap of $1.61 billion, a P/E ratio of 13.95 and a beta of 2.69. The firm’s 50-day moving average is $14.12 and its 200 day moving average is $14.82. Party City Holdco has a 52 week low of $12.65 and a 52 week high of $18.33.
Party City Holdco (NYSE:PRTY) last released its quarterly earnings data on Wednesday, August 2nd. The specialty retailer reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The business had revenue of $544.90 million for the quarter, compared to analyst estimates of $545.59 million. Party City Holdco had a return on equity of 13.97% and a net margin of 4.97%. Party City Holdco’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $0.24 earnings per share. Equities research analysts forecast that Party City Holdco will post $1.28 earnings per share for the current fiscal year.
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In related news, insider Ryan T. Vero acquired 2,921 shares of the stock in a transaction dated Wednesday, August 16th. The stock was bought at an average cost of $13.70 per share, for a total transaction of $40,017.70. Following the completion of the transaction, the insider now directly owns 2,921 shares of the company’s stock, valued at $40,017.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gerald C. Rittenberg sold 70,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $14.68, for a total value of $1,027,600.00. The disclosure for this sale can be found here. Company insiders own 5.02% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its holdings in Party City Holdco by 14.0% in the first quarter. Legal & General Group Plc now owns 7,190 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 881 shares in the last quarter. Parallax Volatility Advisers L.P. bought a new stake in Party City Holdco in the second quarter worth approximately $127,000. Tudor Investment Corp ET AL bought a new stake in Party City Holdco in the first quarter worth approximately $170,000. Pacad Investment Ltd. increased its holdings in Party City Holdco by 6.1% in the second quarter. Pacad Investment Ltd. now owns 12,100 shares of the specialty retailer’s stock worth $189,000 after purchasing an additional 700 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Party City Holdco in the first quarter worth approximately $171,000.
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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