Party City Holdco (PRTY) Reaches New 12-Month Low After Earnings Miss

Party City Holdco Inc (NYSE:PRTY) shares reached a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $8.24 and last traded at $9.55, with a volume of 259019 shares traded. The stock had previously closed at $10.02.

The specialty retailer reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.09). Party City Holdco had a return on equity of 15.36% and a net margin of 9.20%. The firm had revenue of $553.00 million for the quarter, compared to analyst estimates of $591.77 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year.

PRTY has been the topic of several research reports. ValuEngine downgraded Party City Holdco from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Morgan Stanley reduced their price objective on Party City Holdco from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, October 11th. TheStreet downgraded Party City Holdco from a “b-” rating to a “c” rating in a report on Thursday, October 11th. JPMorgan Chase & Co. set a $19.00 price objective on Party City Holdco and gave the stock a “buy” rating in a report on Monday, October 1st. Finally, Zacks Investment Research downgraded Party City Holdco from a “hold” rating to a “sell” rating in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $17.33.

In other news, major shareholder H. Lee Equity Fund Vi Thomas sold 10,000,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $15.50, for a total value of $155,000,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gerald C. Rittenberg sold 50,000 shares of the stock in a transaction on Saturday, December 29th. The shares were sold at an average price of $14.08, for a total value of $704,000.00. Following the completion of the transaction, the director now directly owns 3,800 shares in the company, valued at approximately $53,504. The disclosure for this sale can be found here. Corporate insiders own 6.47% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Party City Holdco by 65.9% in the 3rd quarter. BlackRock Inc. now owns 4,084,707 shares of the specialty retailer’s stock valued at $55,347,000 after purchasing an additional 1,622,584 shares during the period. Jennison Associates LLC lifted its stake in shares of Party City Holdco by 16.3% in the 3rd quarter. Jennison Associates LLC now owns 4,051,605 shares of the specialty retailer’s stock valued at $54,899,000 after purchasing an additional 566,684 shares during the period. FMR LLC lifted its stake in shares of Party City Holdco by 52.4% in the 3rd quarter. FMR LLC now owns 2,617,200 shares of the specialty retailer’s stock valued at $35,463,000 after purchasing an additional 899,800 shares during the period. Nantahala Capital Management LLC lifted its stake in shares of Party City Holdco by 18.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 2,137,401 shares of the specialty retailer’s stock valued at $32,595,000 after purchasing an additional 340,000 shares during the period. Finally, Laurion Capital Management LP acquired a new position in shares of Party City Holdco in the 2nd quarter valued at $27,562,000.

The company has a debt-to-equity ratio of 1.54, a current ratio of 1.27 and a quick ratio of 0.36. The company has a market cap of $980.21 million, a price-to-earnings ratio of 8.38, a price-to-earnings-growth ratio of 0.26 and a beta of 2.19.

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About Party City Holdco (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 and novelties, stationery, and decorations.

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