Party City Holdco (NYSE:PRTY) Shares Gap Down to $2.16

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Party City Holdco Inc (NYSE:PRTY)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $2.44, but opened at $2.16. Party City Holdco shares last traded at $1.68, with a volume of 21,810,273 shares changing hands.

A number of research analysts recently issued reports on the company. Morgan Stanley reduced their price target on Party City Holdco from $13.00 to $5.00 and set an “equal weight” rating on the stock in a report on Friday, August 16th. Goldman Sachs Group downgraded Party City Holdco from a “buy” rating to a “neutral” rating in a report on Friday, November 8th. Telsey Advisory Group downgraded Party City Holdco from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $9.00 to $2.50 in a report on Friday, November 8th. TheStreet downgraded Party City Holdco from a “c-” rating to a “d” rating in a report on Friday, November 8th. Finally, Bank of America set a $10.00 target price on Party City Holdco and gave the stock a “buy” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $7.13.

The business has a fifty day simple moving average of $5.72 and a two-hundred day simple moving average of $6.31. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 2.21. The stock has a market cap of $220.98 million, a PE ratio of 1.06, a P/E/G ratio of 0.30 and a beta of 1.41.

Party City Holdco (NYSE:PRTY) last posted its earnings results on Thursday, November 7th. The specialty retailer reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.29). Party City Holdco had a positive return on equity of 9.41% and a negative net margin of 6.82%. The firm had revenue of $540.20 million for the quarter, compared to analysts’ expectations of $551.73 million. During the same quarter last year, the company posted $0.08 EPS. The firm’s revenue was down 2.3% on a year-over-year basis. On average, research analysts predict that Party City Holdco Inc will post 0.84 earnings per share for the current year.

In related news, CEO James M. Harrison purchased 100,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $2.32 per share, with a total value of $232,000.00. Following the transaction, the chief executive officer now directly owns 114,074 shares in the company, valued at approximately $264,651.68. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Norman S. Matthews purchased 212,500 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $2.32 per share, for a total transaction of $493,000.00. Following the completion of the transaction, the director now owns 406,989 shares in the company, valued at $944,214.48. The disclosure for this purchase can be found here. 6.42% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of PRTY. Bank of Montreal Can bought a new position in shares of Party City Holdco during the 2nd quarter valued at $42,000. Parallax Volatility Advisers L.P. bought a new position in shares of Party City Holdco in the 2nd quarter valued at about $62,000. Resources Investment Advisors LLC. bought a new position in shares of Party City Holdco in the 2nd quarter valued at about $110,000. Commonwealth Bank of Australia lifted its holdings in shares of Party City Holdco by 62.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 15,600 shares of the specialty retailer’s stock valued at $114,000 after acquiring an additional 6,000 shares during the last quarter. Finally, United Services Automobile Association lifted its holdings in shares of Party City Holdco by 19.0% in the 2nd quarter. United Services Automobile Association now owns 20,182 shares of the specialty retailer’s stock valued at $148,000 after acquiring an additional 3,220 shares during the last quarter.

Party City Holdco Company Profile (NYSE:PRTY)

Party City Holdco Inc, through its subsidiaries, designs, manufactures, sources, and distributes party supplies in the United States and internationally. The company operates in two segments, Retail and Wholesale. It offers paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts, and stationery.

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