United Parks & Resorts (NYSE:PRKS) Shares Gap Up Following Analyst Upgrade

Key Points

• United Parks & Resorts shares surged after Truist Financial upgraded their price target from $58 to $61, with a current buy rating.
• Despite the positive analyst upgrade, the company reported disappointing quarterly earnings, with EPS at $1.45, missing estimates by $0.31 and experiencing a year-over-year revenue decline.
• The stock has a market capitalization of $3.02 billion, a PE ratio of 14.68, and analysts currently have a consensus rating of "Hold" with a price target of $57.73.

United Parks & Resorts Inc. (NYSE:PRKS - Get Free Report) gapped up prior to trading on Wednesday after Truist Financial raised their price target on the stock from $58.00 to $61.00. The stock had previously closed at $52.69, but opened at $55.09. Truist Financial currently has a buy rating on the stock. United Parks & Resorts shares last traded at $55.38, with a volume of 103,793 shares.

Other research analysts have also recently issued research reports about the company. Mizuho increased their target price on United Parks & Resorts from $44.00 to $46.00 and gave the company an "underperform" rating in a research note on Wednesday, August 13th. Barclays cut their target price 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. Stifel Nicolaus dropped their price target on shares of United Parks & Resorts from $65.00 to $63.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Morgan Stanley lowered their target price on shares of United Parks & Resorts from $52.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. reduced their price target on shares of United Parks & Resorts from $63.00 to $59.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $57.73.

Institutional Trading of United Parks & Resorts

Several institutional investors have recently modified their holdings of PRKS. Caitong International Asset Management Co. Ltd acquired a new position in United Parks & Resorts during the first quarter worth about $31,000. GAMMA Investing LLC lifted its holdings in shares of United Parks & Resorts by 3,233.3% in the 1st quarter. GAMMA Investing LLC now owns 2,500 shares of the company's stock worth $114,000 after acquiring an additional 2,425 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of United Parks & Resorts in the 2nd quarter worth approximately $123,000. Tower Research Capital LLC TRC lifted its holdings in shares of United Parks & Resorts by 238.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,023 shares of the company's stock worth $190,000 after acquiring an additional 2,835 shares during the last quarter. Finally, QRG Capital Management Inc. increased its stake in United Parks & Resorts by 11.3% during the 1st quarter. QRG Capital Management Inc. now owns 4,478 shares of the company's stock worth $204,000 after buying an additional 456 shares during the period.

United Parks & Resorts Stock Performance

The firm's 50 day moving average is $49.80 and its two-hundred day moving average is $47.45. The stock has a market capitalization of $3.02 billion, a PE ratio of 14.68 and a beta of 1.34.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $1.45 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($0.31). United Parks & Resorts had a net margin of 12.39% and a negative return on equity of 47.59%. The firm had revenue of $490.21 million during the quarter, compared to analysts' expectations of $505.20 million. During the same period in the prior year, the company posted $1.46 earnings per share. The company's revenue for the quarter was down 1.5% on a year-over-year basis. On average, analysts anticipate that United Parks & Resorts Inc. will post 3.95 EPS for the current year.

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.

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