United Parks & Resorts (NYSE:PRKS) Hits New 1-Year Low Following Analyst Downgrade

United Parks & Resorts Inc. (NYSE:PRKS) reached a new 52-week low during mid-day trading on Wednesday after Mizuho lowered their price target on the stock from $46.00 to $28.00. Mizuho currently has an underperform rating on the stock. United Parks & Resorts traded as low as $34.05 and last traded at $34.3230, with a volume of 1480143 shares traded. The stock had previously closed at $34.84.

PRKS has been the subject of a number of other research reports. Guggenheim dropped their target price on 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 cut their price target 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. Barclays lowered their target price on United Parks & Resorts from $51.00 to $39.00 and set an “equal weight” rating for the company in a research note on Tuesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of United Parks & Resorts in a research note on Wednesday, November 5th. Finally, Zacks Research upgraded shares of United Parks & Resorts from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $52.73.

Hedge Funds Weigh In On United Parks & Resorts

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of United Parks & Resorts by 74.3% in the 3rd quarter. CWM LLC now owns 495 shares of the company’s stock worth $26,000 after acquiring an additional 211 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of United Parks & Resorts by 114.0% in the 3rd quarter. Federated Hermes Inc. now owns 550 shares of the company’s stock worth $28,000 after purchasing an additional 293 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in United Parks & Resorts during the 1st quarter valued at approximately $31,000. Neo Ivy Capital Management purchased a new position in United Parks & Resorts during the second quarter valued at $123,000. Finally, Pacer Advisors Inc. bought a new stake in United Parks & Resorts in the third quarter worth $154,000.

United Parks & Resorts Stock Down 0.9%

The firm has a fifty day moving average price of $50.23 and a two-hundred day moving average price of $48.55. The stock has a market capitalization of $1.87 billion, a P/E ratio of 9.10 and a beta of 1.38.

United Parks & Resorts (NYSE:PRKS) last released its quarterly earnings data on Thursday, November 6th. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.63). The firm had revenue of $511.85 million for the quarter, compared to the consensus estimate of $540.43 million. United Parks & Resorts had a net margin of 12.39% and a negative return on equity of 47.59%. The firm’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.08 earnings per share. Sell-side analysts anticipate that United Parks & Resorts Inc. will post 3.95 earnings per share for the current fiscal year.

United Parks & Resorts declared that its board has initiated a stock buyback plan on Friday, September 5th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

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.