Pinnacle Associates Ltd. Makes New $37.68 Million Investment in United Parks & Resorts Inc. (NYSE:PRKS)

Pinnacle Associates Ltd. bought a new stake in shares of United Parks & Resorts Inc. (NYSE:PRKS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 713,208 shares of the company’s stock, valued at approximately $37,679,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Perpetual Ltd purchased a new stake in United Parks & Resorts in the third quarter worth $16,862,000. SG Americas Securities LLC bought a new stake in shares of United Parks & Resorts during the 3rd quarter valued at $739,000. Inspire Investing LLC purchased a new stake in shares of United Parks & Resorts in the 3rd quarter worth about $411,000. Hunter Associates Investment Management LLC bought a new position in shares of United Parks & Resorts in the 3rd quarter worth about $1,359,000. Finally, nVerses Capital LLC purchased a new position in United Parks & Resorts during the 3rd quarter valued at about $304,000.

United Parks & Resorts Trading Down 0.3 %

NYSE:PRKS traded down $0.17 during mid-day trading on Wednesday, reaching $54.73. The company’s stock had a trading volume of 281,729 shares, compared to its average volume of 887,028. The firm’s fifty day moving average price is $50.95 and its two-hundred day moving average price is $51.60. The stock has a market cap of $3.17 billion, a P/E ratio of 14.33 and a beta of 2.01. United Parks & Resorts Inc. has a 12-month low of $41.52 and a 12-month high of $60.36.

United Parks & Resorts (NYSE:PRKS) last issued its earnings results on Wednesday, August 7th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.08). The company had revenue of $497.60 million during the quarter, compared to analysts’ expectations of $503.93 million. United Parks & Resorts had a negative return on equity of 92.07% and a net margin of 14.06%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.35 EPS. Analysts predict that United Parks & Resorts Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling at United Parks & Resorts

In related news, Director Yoshikazu Maruyama sold 12,984 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $50.07, for a total value of $650,108.88. Following the transaction, the director now directly owns 41,766 shares of the company’s stock, valued at approximately $2,091,223.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Jayson Maxwell sold 545 shares of United Parks & Resorts stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $49.44, for a total transaction of $26,944.80. Following the transaction, the insider now owns 722 shares in the company, valued at approximately $35,695.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yoshikazu Maruyama sold 12,984 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $50.07, for a total value of $650,108.88. Following the completion of the sale, the director now owns 41,766 shares of the company’s stock, valued at $2,091,223.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,366 shares of company stock worth $1,938,984 in the last three months. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PRKS shares. Mizuho decreased their target price on shares of United Parks & Resorts from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft reduced their price objective on United Parks & Resorts from $76.00 to $74.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. B. Riley reissued a “buy” rating and issued a $71.00 target price on shares of United Parks & Resorts in a report on Monday, October 7th. JPMorgan Chase & Co. reduced their price target on United Parks & Resorts from $57.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Macquarie dropped their price target on shares of United Parks & Resorts from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.70.

United Parks & Resorts Company Profile

United Parks & Resorts Inc, together with its subsidiaries, operates as a theme park and entertainment company in the United States. It operates and licenses SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; Abu Dhabi, United Arab Emirates; and San Diego, California, as well as Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia.