Party City Holdco (PRTY) Sees Large Volume Increase Following Better-Than-Expected Earnings
Shares of Party City Holdco Inc (NYSE:PRTY) saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 3,293,434 shares traded hands during mid-day trading, an increase of 340% from the previous session’s volume of 748,594 shares.The stock last traded at $15.65 and had previously closed at $14.55.
The specialty retailer reported $0.80 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.80. The firm had revenue of $789.60 million for the quarter, compared to analysts’ expectations of $781.30 million. Party City Holdco had a net margin of 4.96% and a return on equity of 13.74%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $0.76 EPS.
Several analysts have recently weighed in on PRTY shares. ValuEngine cut shares of Party City Holdco from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America raised their price objective on shares of Party City Holdco from $13.50 to $15.50 and gave the company a “neutral” rating in a research report on Wednesday, December 27th. JPMorgan Chase & Co. started coverage on shares of Party City Holdco in a research report on Monday, November 13th. They set an “overweight” rating and a $14.00 price objective on the stock. Zacks Investment Research cut shares of Party City Holdco from a “hold” rating to a “sell” rating in a research report on Saturday, November 11th. Finally, Stephens restated a “buy” rating and set a $23.00 price objective on shares of Party City Holdco in a research report on Tuesday, March 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Party City Holdco presently has an average rating of “Hold” and a consensus target price of $17.25.
A number of large investors have recently modified their holdings of PRTY. ZWJ Investment Counsel Inc. purchased a new position in Party City Holdco in the 4th quarter worth $167,000. Stone Ridge Asset Management LLC purchased a new position in Party City Holdco in the 4th quarter worth $168,000. SG Americas Securities LLC purchased a new position in Party City Holdco in the 3rd quarter worth $176,000. MetLife Investment Advisors LLC purchased a new position in Party City Holdco in the 4th quarter worth $191,000. Finally, Voya Investment Management LLC purchased a new position in Party City Holdco in the 2nd quarter worth $202,000. Institutional investors own 83.62% of the company’s stock.
The company has a market capitalization of $2,010.00 and a PE ratio of 14.90. 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 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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