United Parks & Resorts (NYSE:PRKS) Stock Moved Up to "Hold" by Zacks Research

Key Points

• Zacks Research upgraded United Parks & Resorts to “Hold” from “Strong Sell,” aligning with the broader analyst consensus of “Hold” and an average price target of $45.40.
• PRKS shares opened at $33.89 and were up 0.4%, but the company’s latest quarterly results fell short of expectations: EPS was $1.34 versus $1.67 expected, while revenue declined 1.4% year over year to $483.32 million.
• Insiders recently sold shares, while several institutional investors—including BlackRock, Hawk Ridge Capital, and Bank of America—built or initiated positions in the company.

United Parks & Resorts (NYSE:PRKS - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday, Zacks reports.

A number of other equities research analysts have also recently issued reports on PRKS. Truist Financial dropped their price target on shares of United Parks & Resorts from $53.00 to $49.00 and set a "buy" rating on the stock in a research note on Thursday, September 10th. Barclays lifted 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 research note on Wednesday, August 5th. Mizuho set a $51.00 price objective on shares of United Parks & Resorts in a report on Wednesday, August 5th. UBS Group reiterated a "neutral" rating and issued a $45.00 price objective on shares of United Parks & Resorts in a report on Monday, June 15th. Finally, Weiss Ratings upgraded United Parks & Resorts from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $45.40.

United Parks & Resorts Trading Up 0.4%

PRKS stock opened at $33.89 on Monday. United Parks & Resorts has a 12 month low of $28.77 and a 12 month high of $54.42. The stock has a market cap of $1.54 billion, a PE ratio of 13.30, a P/E/G ratio of 3.17 and a beta of 1.25. The company has a 50-day moving average price of $38.69 and a 200 day moving average price of $39.91.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.67 by ($0.33). The company had revenue of $483.32 million during the quarter, compared to analysts' expectations of $492.10 million. United Parks & Resorts had a net margin of 8.11% and a negative return on equity of 27.85%. The company's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.45 earnings per share. Sell-side analysts forecast that United Parks & Resorts will post 2.85 EPS for the current year.

Insiders Place Their Bets

In related news, insider Christopher Finazzo sold 6,622 shares of United Parks & Resorts 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 transaction, the insider directly owned 123,663 shares in the company, valued at $5,465,904.60. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Forrester, Jr. sold 1,150 shares of the stock in a transaction dated 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 transaction, the insider directly owned 26,733 shares of the company's stock, valued at approximately $954,635.43. This trade represents a 4.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On United Parks & Resorts

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of United Parks & Resorts during the second quarter worth approximately $171,560,000. River Road Asset Management LLC increased its holdings in shares of United Parks & Resorts by 3.8% during the fourth quarter. River Road Asset Management LLC now owns 2,056,349 shares of the company's stock valued at $74,645,000 after purchasing an additional 74,392 shares during the period. Hawk Ridge Capital Management LP bought a new stake in shares of United Parks & Resorts during the first quarter valued at about $51,094,000. Engine Capital Management LP grew its position in United Parks & Resorts by 20.8% in the 1st quarter. Engine Capital Management LP now owns 1,034,414 shares of the company's stock valued at $33,784,000 after buying an additional 178,017 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in United Parks & Resorts during the 2nd quarter valued at about $26,222,000.

About United Parks & Resorts

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.

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