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

Shares of United Parks & Resorts Inc. (NYSE:PRKS) hit a new 52-week low on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $60.00 to $52.00. JPMorgan Chase & Co. currently has a neutral 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 changing hands. The stock had previously closed at $34.84.

Other equities analysts have also recently issued reports about the stock. Barclays decreased their target price on shares of United Parks & Resorts from $51.00 to $39.00 and set an “equal weight” rating for the company in a research note on Tuesday. Citigroup increased their target price on shares of United Parks & Resorts from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Friday, August 8th. Truist Financial raised their target price on United Parks & Resorts from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group reduced their price target on United Parks & Resorts from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Monday. Finally, Zacks Research raised United Parks & Resorts from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, United Parks & Resorts currently has a consensus rating of “Hold” and an average target price of $52.09.

Hedge Funds Weigh In On United Parks & Resorts

A number of hedge funds have recently made changes to their positions in PRKS. CWM LLC increased its position in shares of United Parks & Resorts by 74.3% during the third quarter. CWM LLC now owns 495 shares of the company’s stock worth $26,000 after purchasing an additional 211 shares in the last quarter. Federated Hermes Inc. grew its holdings in United Parks & Resorts by 114.0% in the 3rd quarter. Federated Hermes Inc. now owns 550 shares of the company’s stock valued at $28,000 after buying an additional 293 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of United Parks & Resorts during the 1st quarter worth $31,000. Neo Ivy Capital Management acquired a new stake in shares of United Parks & Resorts during the 2nd quarter worth about $123,000. Finally, Pacer Advisors Inc. purchased a new stake in United Parks & Resorts in the 3rd quarter valued at about $154,000.

United Parks & Resorts Trading Down 1.9%

The firm’s fifty day moving average is $49.82 and its 200-day moving average is $48.45. The stock has a market capitalization of $1.85 billion, a PE ratio of 9.00 and a beta of 1.38.

United Parks & Resorts (NYSE:PRKS) last announced its quarterly earnings results 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 company had revenue of $511.85 million for the quarter, compared to analyst estimates of $540.43 million. United Parks & Resorts had a net margin of 12.39% and a negative return on equity of 47.59%. United Parks & Resorts’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.08 earnings per share. As a group, equities analysts predict that United Parks & Resorts Inc. will post 3.95 EPS for the current year.

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