Party City Holdco (NYSE:PRTY) Price Target Cut to $5.00 by Analysts at Morgan Stanley

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Party City Holdco (NYSE:PRTY) had its price objective trimmed by Morgan Stanley from $13.00 to $5.00 in a research note issued to investors on Friday morning, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the specialty retailer’s stock.

PRTY has been the subject of several other reports. Goldman Sachs Group raised Party City Holdco from a neutral rating to a buy rating and reduced their target price for the stock from $10.00 to $8.00 in a research note on Wednesday, July 24th. JPMorgan Chase & Co. reduced their price objective on Party City Holdco from $11.00 to $8.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. Zacks Investment Research downgraded Party City Holdco from a hold rating to a sell rating in a research note on Wednesday, August 7th. Finally, Bank of America reduced their price objective on Party City Holdco from $14.50 to $10.00 and set a buy rating for the company in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $10.92.

Shares of PRTY stock opened at $4.71 on Friday. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.23 and a quick ratio of 0.28. The company has a market cap of $401.36 million, a price-to-earnings ratio of 3.06, a PEG ratio of 0.22 and a beta of 1.30. The stock has a 50 day simple moving average of $6.14 and a 200-day simple moving average of $7.99. Party City Holdco has a 1-year low of $4.07 and a 1-year high of $15.75.

Party City Holdco (NYSE:PRTY) last announced its earnings results on Thursday, August 8th. The specialty retailer reported $0.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.16). The business had revenue of $563.90 million for the quarter, compared to analyst estimates of $572.14 million. Party City Holdco had a return on equity of 12.73% and a net margin of 4.67%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 earnings per share. Analysts anticipate that Party City Holdco will post 1.29 earnings per share for the current fiscal year.

In related news, CFO Michael A. Correale bought 24,300 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $4.13 per share, with a total value of $100,359.00. Following the purchase, the chief financial officer now directly owns 114,481 shares of the company’s stock, valued at $472,806.53. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO James M. Harrison bought 125,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $4.53 per share, with a total value of $566,250.00. Following the completion of the purchase, the chief executive officer now directly owns 114,074 shares in the company, valued at $516,755.22. The disclosure for this purchase can be found here. 6.47% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its stake in shares of Party City Holdco by 67.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,537 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 1,024 shares during the last quarter. Bank of Montreal Can acquired a new position in Party City Holdco during the second quarter worth approximately $42,000. Investors Research Corp acquired a new position in Party City Holdco during the first quarter worth approximately $71,000. Legal & General Group Plc increased its position in Party City Holdco by 14.7% during the fourth quarter. Legal & General Group Plc now owns 9,991 shares of the specialty retailer’s stock worth $100,000 after buying an additional 1,284 shares during the period. Finally, Marshall Wace North America L.P. increased its position in Party City Holdco by 20.3% during the first quarter. Marshall Wace North America L.P. now owns 12,865 shares of the specialty retailer’s stock worth $102,000 after buying an additional 2,174 shares during the period.

About Party City Holdco

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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Analyst Recommendations for Party City Holdco (NYSE:PRTY)

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