United Parks & Resorts (NYSE:PRKS) Price Target Cut to $34.00 by Analysts at Citigroup

Key Points

• Citigroup cut United Parks & Resorts’ price target to $34 from $49 while maintaining a neutral rating, implying roughly 5.7% upside from the stock’s $32.15 price.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $45.40; nine analysts rate the stock Hold, compared with four Buys and one Sell.
• The company recently missed quarterly expectations, reporting $1.34 in adjusted earnings per share versus $1.67 expected and revenue of $483.3 million versus $492.1 million, while revenue declined 1.4% year over year.

United Parks & Resorts (NYSE:PRKS - Get Free Report) had its target price reduced by Citigroup from $49.00 to $34.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 5.74% from the stock's current price.

PRKS has been the topic of a number of other research reports. Northcoast Research began coverage on United Parks & Resorts in a research report on Wednesday, July 8th. They set a "neutral" rating on the stock. Barclays raised their target price on shares of United Parks & Resorts from $37.00 to $41.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 5th. The Goldman Sachs Group lifted their price target on shares of United Parks & Resorts from $37.00 to $41.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Truist Financial lowered their price objective on shares of United Parks & Resorts from $53.00 to $49.00 and set a "buy" rating for the company in a research report on Thursday, September 10th. Finally, Mizuho set a $51.00 price objective on shares of United Parks & Resorts in a research report on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $45.40.

United Parks & Resorts Stock Performance

NYSE:PRKS traded down $0.62 during trading hours on Thursday, hitting $32.15. The stock had a trading volume of 607,553 shares, compared to its average volume of 940,664. United Parks & Resorts has a one year low of $28.77 and a one year high of $54.68. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 3.18 and a beta of 1.25. The business's 50 day moving average is $39.68 and its 200-day moving average is $39.86.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.34 earnings per share for the quarter, missing analysts' consensus estimates of $1.67 by ($0.33). The firm had revenue of $483.32 million for the quarter, compared to the consensus estimate of $492.10 million. United Parks & Resorts had a negative return on equity of 27.85% and a net margin of 8.11%.The company's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.45 earnings per share. On average, sell-side analysts anticipate that United Parks & Resorts will post 2.85 EPS for the current fiscal year.

Insider Buying and Selling at United Parks & Resorts

In related news, insider Christopher Finazzo sold 6,622 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $44.20, for a total value of $292,692.40. Following the completion of the transaction, the insider owned 123,663 shares of the company's stock, valued at approximately $5,465,904.60. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Forrester, Jr. sold 1,150 shares of United Parks & Resorts stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $35.71, for a total transaction of $41,066.50. Following the completion of the sale, the insider owned 26,733 shares in the company, valued at $954,635.43. The trade was a 4.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.70% of the company's stock.

Institutional Trading of United Parks & Resorts

A number of hedge funds and other institutional investors have recently modified their holdings of PRKS. Group One Trading LLC acquired a new position in shares of United Parks & Resorts during the 2nd quarter worth approximately $31,000. Global Retirement Partners LLC bought a new position in shares of United Parks & Resorts in the second quarter valued at $31,000. Rockefeller Capital Management L.P. raised its position in United Parks & Resorts by 183.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 851 shares of the company's stock worth $31,000 after acquiring an additional 551 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in United Parks & Resorts during the second quarter worth $53,000. Finally, Versant Capital Management Inc lifted its stake in United Parks & Resorts by 40.5% in the second quarter. Versant Capital Management Inc now owns 1,862 shares of the company's stock valued at $89,000 after acquiring an additional 537 shares during the last quarter.

United Parks & Resorts Company Profile

United Parks & Resorts Inc NYSE: PRKS is a theme park and entertainment company that owns and operates a portfolio of parks and attractions in the United States. Its properties combine amusement rides, live entertainment, animal exhibits, educational experiences, and seasonal events for families and other guests.

The company's principal brands include SeaWorld, Busch Gardens, Sesame Place, Discovery Cove, Aquatica, Adventure Island, and Water Country USA. Its parks offer roller coasters and other rides, water attractions, animal encounters, zoological presentations, dining, retail, and hospitality-related experiences.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.