United Parks & Resorts (NYSE:PRKS) Sets New 12-Month Low After Earnings Miss

United Parks & Resorts Inc. (NYSE:PRKS)’s share price hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $35.01 and last traded at $35.5010, with a volume of 795621 shares changing hands. The stock had previously closed at $46.22.

The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.63). United Parks & Resorts had a net margin of 12.39% and a negative return on equity of 47.59%. During the same quarter in the prior year, the company posted $2.08 EPS. The company’s quarterly revenue was down 6.2% compared to the same quarter last year.

United Parks & Resorts announced that its Board of Directors has authorized a share repurchase plan on Friday, September 5th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRKS. Barclays lowered their price objective on shares of United Parks & Resorts from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Friday, July 11th. Truist Financial upped their target price on shares of United Parks & Resorts from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Guggenheim decreased their target price on shares of United Parks & Resorts from $74.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, July 17th. Morgan Stanley decreased their target price on shares of United Parks & Resorts from $52.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, August 4th. Finally, Stifel Nicolaus decreased their target price on shares of United Parks & Resorts from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, United Parks & Resorts has an average rating of “Hold” and an average target price of $56.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRKS. CWM LLC boosted its holdings in shares of United Parks & Resorts by 74.3% in the third quarter. CWM LLC now owns 495 shares of the company’s stock valued at $26,000 after acquiring an additional 211 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of United Parks & Resorts by 114.0% in the third quarter. Federated Hermes Inc. now owns 550 shares of the company’s stock valued at $28,000 after acquiring an additional 293 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of United Parks & Resorts in the first quarter valued at approximately $31,000. Neo Ivy Capital Management bought a new position in shares of United Parks & Resorts in the second quarter valued at approximately $123,000. Finally, Pacer Advisors Inc. bought a new position in shares of United Parks & Resorts in the third quarter valued at approximately $154,000.

United Parks & Resorts Price Performance

The firm has a market capitalization of $1.94 billion, a P/E ratio of 9.32 and a beta of 1.38. The firm’s fifty day moving average price is $51.59 and its 200-day moving average price is $48.77.

About United Parks & Resorts

United Parks & Resorts, Inc is a holding company, which engages in the ownership and operation of theme parks. Its portfolio includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue. The company was founded in 1959 and is headquartered in Orlando, FL.