Zacks Investment Research Downgrades Party City Holdco (NYSE:PRTY) to Hold

Party City Holdco (NYSE:PRTY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Party City Holdco Inc. is involved in designs, manufactures, contracts for manufacture and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery. It also operates specialty retail party supply stores primarily in the United States and Canada. Party City Holdco Inc. is based in Elmsford, New York. “

Separately, JPMorgan Chase & Co. initiated coverage on shares of Pinduoduo in a research report on Tuesday. They set an “underweight” rating and a $20.48 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. Party City Holdco currently has an average rating of “Hold” and an average price target of $12.89.

Shares of PRTY opened at $7.11 on Thursday. The company has a market capitalization of $644.34 million, a P/E ratio of 4.38, a P/E/G ratio of 0.28 and a beta of 1.31. The company has a quick ratio of 0.28, a current ratio of 1.16 and a debt-to-equity ratio of 2.28. The firm’s 50 day moving average price is $7.42. Party City Holdco has a twelve month low of $6.28 and a twelve month high of $16.95.

Party City Holdco (NYSE:PRTY) last announced its quarterly earnings results on Thursday, May 9th. The specialty retailer reported $0.01 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.01. The company had revenue of $513.12 million during the quarter, compared to the consensus estimate of $522.59 million. Party City Holdco had a net margin of 3.87% and a return on equity of 14.84%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.07 earnings per share. As a group, equities analysts predict that Party City Holdco will post 1.67 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of PRTY. Nantahala Capital Management LLC boosted its holdings in Party City Holdco by 84.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,379,789 shares of the specialty retailer’s stock worth $43,710,000 after purchasing an additional 2,010,906 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Party City Holdco in the fourth quarter worth approximately $8,888,000. FMR LLC boosted its holdings in Party City Holdco by 23.8% in the fourth quarter. FMR LLC now owns 3,240,239 shares of the specialty retailer’s stock worth $32,338,000 after purchasing an additional 623,039 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Party City Holdco by 109.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,143,957 shares of the specialty retailer’s stock worth $11,418,000 after purchasing an additional 598,657 shares during the last quarter. Finally, Royce & Associates LP purchased a new stake in Party City Holdco in the first quarter worth approximately $3,752,000.

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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