United Parks & Resorts (NYSE:PRKS) Trading Up 7.2% – Here’s What Happened

Shares of United Parks & Resorts Inc. (NYSE:PRKS) were up 7.2% during mid-day trading on Friday . The company traded as high as $32.11 and last traded at $32.5530. Approximately 488,932 shares were traded during trading, a decline of 48% from the average daily volume of 937,249 shares. The stock had previously closed at $30.37.

Analyst Ratings Changes

PRKS has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on United Parks & Resorts from $60.00 to $52.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Zacks Research downgraded shares of United Parks & Resorts from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 11th. Citigroup boosted their target price on United Parks & Resorts from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Friday, August 8th. Barclays reduced their target price on United Parks & Resorts from $51.00 to $39.00 and set an “equal weight” rating for the company in a report on Tuesday, November 11th. Finally, Stifel Nicolaus dropped their price target on United Parks & Resorts from $65.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $52.09.

United Parks & Resorts Trading Up 9.2%

The business’s fifty day moving average is $47.35 and its 200 day moving average is $47.89. The company has a market cap of $1.81 billion, a P/E ratio of 8.87 and a beta of 1.38.

United Parks & Resorts (NYSE:PRKS) last announced its quarterly earnings data on Thursday, November 6th. The company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $2.24 by ($0.63). The firm had revenue of $511.85 million for the quarter, compared to the consensus estimate of $540.43 million. United Parks & Resorts had a net margin of 12.39% and a negative return on equity of 47.59%. United Parks & Resorts’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period last year, the company posted $2.08 earnings per share. As a group, research analysts expect that United Parks & Resorts Inc. will post 3.95 EPS for the current fiscal year.

United Parks & Resorts announced that its Board of Directors has authorized a stock repurchase program on Friday, September 5th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On United Parks & Resorts

Several large investors have recently modified their holdings of PRKS. Envestnet Asset Management Inc. lifted its stake in shares of United Parks & Resorts by 6.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 56,451 shares of the company’s stock valued at $2,566,000 after buying an additional 3,488 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of United Parks & Resorts by 690.9% during the first quarter. Allianz Asset Management GmbH now owns 46,662 shares of the company’s stock worth $2,121,000 after acquiring an additional 40,762 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of United Parks & Resorts by 7.4% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,500 shares of the company’s stock worth $205,000 after acquiring an additional 310 shares during the period. GSA Capital Partners LLP grew its position in shares of United Parks & Resorts by 94.4% in the first quarter. GSA Capital Partners LLP now owns 43,639 shares of the company’s stock valued at $1,984,000 after purchasing an additional 21,195 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of United Parks & Resorts during the 1st quarter valued at $630,000.

About United Parks & Resorts

United Parks & Resorts, Inc is a holding company, which engages in the ownership and operation of theme parks. Its portfolio includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue. The company was founded in 1959 and is headquartered in Orlando, FL.