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

Pinnacle Associates Ltd. acquired a new position in shares of United Parks & Resorts Inc. (NYSE:PRKS - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 713,208 shares of the company's stock, valued at approximately $37,679,000. Pinnacle Associates Ltd. owned approximately 1.23% of United Parks & Resorts as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Hunter Associates Investment Management LLC acquired a new position in shares of United Parks & Resorts during the third quarter worth $1,359,000. Nisa Investment Advisors LLC acquired a new position in shares of United Parks & Resorts during the 3rd quarter worth about $99,000. DekaBank Deutsche Girozentrale acquired a new position in shares of United Parks & Resorts during the 3rd quarter worth about $115,000. Raymond James & Associates purchased a new position in shares of United Parks & Resorts in the 3rd quarter valued at about $4,487,000. Finally, Blue Trust Inc. acquired a new stake in shares of United Parks & Resorts during the 3rd quarter worth about $30,000.

United Parks & Resorts Stock Down 2.6 %

PRKS traded down $1.42 on Wednesday, hitting $53.48. 931,434 shares of the company traded hands, compared to its average volume of 890,122. United Parks & Resorts Inc. has a 12-month low of $41.52 and a 12-month high of $60.36. The company has a 50 day moving average of $50.95 and a 200-day moving average of $51.60. The stock has a market capitalization of $3.10 billion, a PE ratio of 13.96 and a beta of 2.01.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.08). United Parks & Resorts had a negative return on equity of 92.07% and a net margin of 14.06%. The company had revenue of $497.60 million for the quarter, compared to analysts' expectations of $503.93 million. During the same quarter last year, the company earned $1.35 EPS. United Parks & Resorts's revenue for the quarter was up .3% compared to the same quarter last year. On average, research analysts anticipate that United Parks & Resorts Inc. will post 4.35 EPS for the current year.

Insider Transactions at United Parks & Resorts

In related news, insider George Anthony Taylor sold 23,837 shares of the firm's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $52.94, for a total value of $1,261,930.78. Following the completion of the sale, the insider now owns 85,463 shares in the company, valued at $4,524,411.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other United Parks & Resorts news, insider George Anthony Taylor sold 23,837 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $52.94, for a total value of $1,261,930.78. Following the completion of the transaction, the insider now owns 85,463 shares in the company, valued at approximately $4,524,411.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jayson Maxwell sold 545 shares of the firm's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $49.44, for a total value of $26,944.80. Following the completion of the sale, the insider now directly owns 722 shares of the company's stock, valued at approximately $35,695.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,366 shares of company stock worth $1,938,984. Company insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRKS shares. Stifel Nicolaus dropped their price target on shares of United Parks & Resorts from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of United Parks & Resorts from $76.00 to $74.00 and set a "buy" rating on the stock in a research report on Thursday, August 8th. Truist Financial reduced their price target on shares of United Parks & Resorts from $62.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, October 21st. B. Riley reaffirmed a "buy" rating and set a $71.00 price objective on shares of United Parks & Resorts in a report on Monday, October 7th. Finally, Mizuho reduced their target price on United Parks & Resorts from $46.00 to $45.00 and set an "underperform" rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.70.

United Parks & Resorts 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.