Party City Holdco (NYSE:PRTY) Downgraded to “Neutral” at Goldman Sachs Group

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

Several other brokerages have also weighed in on PRTY. 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 report on Friday, August 16th. Bank of America set a $10.00 price objective on Party City Holdco and gave the company a “buy” rating in a report on Friday, August 23rd. Zacks Investment Research raised Party City Holdco from a “sell” rating to a “hold” rating in a report on Tuesday, November 5th. Telsey Advisory Group lowered 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 report on Friday. Finally, ValuEngine raised Party City Holdco from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Party City Holdco presently has an average rating of “Hold” and a consensus price target of $7.13.

Party City Holdco stock traded up $0.34 during midday trading on Friday, hitting $2.34. The stock had a trading volume of 16,622,478 shares, compared to its average volume of 2,024,244. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 2.21. The stock has a market cap of $566.62 million, a P/E ratio of 1.47, a P/E/G 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. The business has a fifty day moving average price of $6.02 and a 200 day moving average price of $6.43.

Party City Holdco (NYSE:PRTY) last announced its quarterly earnings data on Thursday, November 7th. The specialty retailer reported ($0.28) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.29). The firm had revenue of $540.20 million during the quarter, compared to the consensus estimate of $551.73 million. Party City Holdco had a net margin of 4.67% and a return on equity of 12.73%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 earnings per share. On average, equities analysts anticipate that Party City Holdco will post 1.26 EPS for the current fiscal year.

In related news, CEO James M. Harrison bought 125,000 shares of the stock in a transaction dated 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 acquisition, the chief executive officer now owns 114,074 shares of the company’s stock, valued at $516,755.22. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael A. Correale bought 24,300 shares of the stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $4.13 per share, with a total value of $100,359.00. Following the completion of the acquisition, the chief financial officer now directly owns 114,481 shares of the company’s stock, valued at approximately $472,806.53. The disclosure for this purchase can be found here. Insiders have bought 153,855 shares of company stock valued at $686,514 over the last ninety days. Corporate insiders own 6.47% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Thompson Investment Management Inc. grew its holdings in shares of Party City Holdco by 59.3% during the third quarter. Thompson Investment Management Inc. now owns 846,920 shares of the specialty retailer’s stock valued at $4,836,000 after purchasing an additional 315,255 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Party City Holdco by 8.3% during the third quarter. First Trust Advisors LP now owns 437,796 shares of the specialty retailer’s stock worth $2,500,000 after buying an additional 33,727 shares during the period. Picton Mahoney Asset Management acquired a new position in shares of Party City Holdco during the third quarter worth approximately $571,000. California Public Employees Retirement System boosted its position in shares of Party City Holdco by 43.0% during the third quarter. California Public Employees Retirement System now owns 26,077 shares of the specialty retailer’s stock worth $149,000 after buying an additional 7,844 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in shares of Party City Holdco during the third quarter worth approximately $256,000.

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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