Party City Holdco Inc (NYSE:PRTY)’s share price rose 14.3% during mid-day trading on Monday after Telsey Advisory Group raised their price target on the stock from $16.00 to $17.00. Telsey Advisory Group currently has an outperform rating on the stock. Party City Holdco traded as high as $14.05 and last traded at $13.95. Approximately 3,430,100 shares changed hands during trading, an increase of 549% from the average daily volume of 528,830 shares. The stock had previously closed at $12.20.
A number of other brokerages also recently weighed in on PRTY. Zacks Investment Research downgraded Party City Holdco from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. ValuEngine upgraded Party City Holdco from a “hold” rating to a “buy” rating in a research note on Friday, October 13th. Morgan Stanley cut their target price on Party City Holdco from $17.00 to $15.50 and set an “equal weight” rating on the stock in a research note on Wednesday, November 8th. Finally, BMO Capital Markets upgraded Party City Holdco from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $11.20 to $16.00 in a research note on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.83.
In other news, CEO James M. Harrison acquired 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were acquired at an average price of $11.27 per share, for a total transaction of $225,400.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder International Corp/Ma Advent sold 2,558,306 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $12.67, for a total value of $32,413,737.02. The disclosure for this sale can be found here. 5.02% of the stock is currently owned by corporate insiders.
The stock has a market cap of $1,660.00 and a price-to-earnings ratio of 14.53. The company has a quick ratio of 0.51, a current ratio of 1.64 and a debt-to-equity ratio of 1.43.
Party City Holdco (NYSE:PRTY) last released its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.13 earnings per share for the quarter, hitting the consensus estimate of $0.13. The firm had revenue of $560.11 million for the quarter, compared to analysts’ expectations of $587.74 million. Party City Holdco had a net margin of 1.80% and a return on equity of 3.82%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.12 earnings per share. research analysts expect that Party City Holdco Inc will post 1.21 EPS for the current year.
Party City Holdco declared that its board has approved a share buyback plan on Thursday, November 9th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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About Party City Holdco
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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