Goldman Sachs Group Downgrades Party City Holdco (NYSE:PRTY) to Neutral

Party City Holdco (NYSE:PRTY) was downgraded by research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, The Fly reports.

A number of other brokerages also recently commented on PRTY. Telsey Advisory Group downgraded Party City Holdco from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $9.00 to $2.50 in a research report on Friday. Bank of America set a $10.00 price objective on Party City Holdco and gave the company a “buy” rating in a research report on Friday, August 23rd. ValuEngine raised Party City Holdco from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research raised Party City Holdco from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley lowered their price objective on Party City Holdco from $13.00 to $5.00 and set an “equal weight” rating for the company in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Party City Holdco currently has a consensus rating of “Hold” and a consensus price target of $7.13.

Party City Holdco stock traded up $0.34 during mid-day trading on Friday, hitting $2.34. 16,622,478 shares of the company were exchanged, compared to its average volume of 2,024,244. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.23 and a quick ratio of 0.30. The business’s 50 day simple moving average is $6.02 and its two-hundred day simple moving average is $6.43. The company has a market capitalization of $566.62 million, a P/E ratio of 1.47, a PEG ratio of 0.32 and a beta of 1.41. Party City Holdco has a 12-month low of $1.98 and a 12-month high of $12.37.

Party City Holdco (NYSE:PRTY) last released its quarterly earnings results on Thursday, November 7th. The specialty retailer reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.29). The company had revenue of $540.20 million for the quarter, compared to analysts’ expectations of $551.73 million. Party City Holdco had a return on equity of 12.73% and a net margin of 4.67%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 EPS. Equities research analysts predict that Party City Holdco will post 1.26 earnings per share for the current year.

In other Party City Holdco news, CFO Michael A. Correale acquired 24,300 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $4.13 per share, with a total value of $100,359.00. Following the completion of the transaction, the chief financial officer now directly owns 114,481 shares in the company, valued at $472,806.53. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO James M. Harrison acquired 125,000 shares of the stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $4.53 per share, with a total value of $566,250.00. Following the transaction, the chief executive officer now owns 114,074 shares of the company’s stock, valued at $516,755.22. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 153,855 shares of company stock valued at $686,514. Company insiders own 6.47% of the company’s stock.

Large investors have recently made changes to their positions in the company. Bank of Montreal Can acquired a new position in Party City Holdco in the second quarter valued at $42,000. Parallax Volatility Advisers L.P. acquired a new position in Party City Holdco in the second quarter valued at $62,000. Resources Investment Advisors LLC. acquired a new position in Party City Holdco in the second quarter valued at $110,000. Commonwealth Bank of Australia boosted its holdings in Party City Holdco by 62.5% in the second 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 boosted its holdings in Party City Holdco by 19.0% in the second 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.

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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